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In this article, we will discuss the five most competitive economies in the world. If you need to skip our in-depth analysis, you can move on to the top five competitive economies in the world.
The 2023 economies reflect the global economic uncertainties that have emerged since the onset of the COVID-19 pandemic. While economies around the world are showing signs of recovery, the expansion is very moderate. In 2022, the focus of the global economy gradually shifted from the extended pandemic to growing concerns about inflation and geopolitical risks. At the beginning of 2022, the war between Russia and Ukraine broke out and had a severe impact on the European economy, causing disruptions in energy and food markets. The continued oppression of Gaza’s citizens has further intensified concerns about geopolitical risk.
Despite looming threats, the global economy continues from the low point of the COVID-19 pandemic. With new challenges, new opportunities are emerging for global competitive markets, both in the public sector and in the workforce. Europe has made significant progress in the 2023 Global Competitiveness Ranking, with five economies on the continent ranked among the 10 smartest, according to the IMD 2023 Global Competitiveness Ranking. More competitive economies tend to attract more immigrants. Europe remains a key market for migrants despite economic uncertainties in the region. The countries with the highest number of immigrants are Germany, France, Russia, Spain, Switzerland and the United Kingdom, among others.
European and Asian economies continue to dominate among the 20 most competitive economies in the world. According to online resume builder Resume. io, Doha, Dubai, and San Francisco are among the cities with the highest number of applicants consisting of posting assignments on LinkedIn, in February 2023. The most competitive hard work markets in the world commonly belong to the most competitive hard work markets in the world. Competitive countries in the world. As global economic conditions improve, competitive economies will have more freedom to leverage their human capital in the most competitive sectors.
As discussed above, headline inflation is expected to fall from 9. 2% in 2022 to 5. 9% and 4. 8% in 2023 and 2024, respectively. Meanwhile, core inflation, and food and energy prices, are expected to fall to 4. 5% in 2024. signs that global economies will revel in a “soft landing” situation next year. On the other hand, the global economic expansion is expected to slow from 3. 5% in 2022 to 3% in 2023 and 2. 9% in 2024. Advanced economies are expected to grow to 1. 5% in 2023 and 1. 4% in 2024. Momentum is slow in complex economies due to weaker-than-expected expansion in the euro area. Emerging markets and emerging economies have larger expansion customers for 2023 and 2024 than complex economies. Emerging markets and emerging economies are expected to see a slight decline from 4. 1% in 2022 to 4% in 2023 and 2024.
Some of the companies that shape the backbone of the world’s most competitive countries are Novo Nordisk A/S (NYSE:NVO), Nestlé S. A. (OTC:NSRGY) and DBS Group Holdings Ltd (OTCMKTS:D BSDF). These are the leading corporations in their respective economies with global operations.
Novo Nordisk A/S (NYSE: NVO) is a major Danish multinational pharmaceutical company. On November 10, Novo Nordisk A/S (NYSE: NVO) announced plans to invest approximately DKK 42 billion in its production facility in Kalundborg, Denmark. The company intends to expand its production facilities for its portfolio of products for critical chronic diseases. The structure of the Kalundborg production facility is expected to create around 800 new jobs upon completion. On November 23, Novo Nordisk A/S (NYSE: NVO) announced a new investment of approximately DKK 16 billion to expand its existing production facility in Chartres, France. The company plans to create around 500 jobs in its production in France.
Nestlé S. A. (OTC: NSRGY) is a customer product giant with operations in 77 countries and 340 factories. On November 4, Nestlé S. A. (OTC: NSRGY) announced the appointment of 4 new members to its Creating Shared Value Council (CSV), adding Dr. Martin Bloem, Paul Hawken, Gonzalo Muñoz and Jennifer Morris. The CSV Council is the company’s external advisory organization that collaborates with the Board of Directors on vital metrics of Nestlé S. A. ‘s sustainability initiatives. (OTC: NSRGY). On November 6, Nestlé S. A. (OTC: NSRGY) announced that it will redirect part of its global shipping needs to low-emission fuels, effective immediately. The company works with three of the world’s largest shipping companies, in addition to Hapag-Lloyd, A. P. Moeller – Maersk A/S (CPH: MAERSK-B) and CMA CGM. The company’s Executive Vice President and Chief Operating Officer, Stephanie Hart, said:
“Reaching net zero requires converting many facets of how we source, manufacture and distribute our products. The agreements we have signed with our transport partners will help us reduce our emissions and carbon footprint. We know this is a stopgap solution and continue to inspire progress on long-term decarbonization responses in transportation and distribution.
DBS Group Holdings Ltd (OTCMKTS: DBSDF) is Singapore’s largest multinational banking and monetary company. On November 30, DBS Group Holdings Ltd (OTCMKTS:D BSDF) said that its virtual payment service, DBS MAX QRIS, is driving the expansion and digitalization of the food sector in Indonesia. DBS MAX QRIS has helped PT Hoki Distribusi Niaga (PT HDN), owner of Indonesian rice brands such as Topi Koki, increase its visitor base by 9% since February 2023. 6% of visitors to PT Hoki Distribusi Niaga Payment transactions were made through the DBS virtual payment platform. Group Holdings Ltd (OTCMKTS: DBSDF).
These were some leading corporations operating in some of the most competitive economies in the world. Now let’s take a look at the list of the most competitive economies in the world.
Top 20 Most Competitive Economies in the World
Our Methodology
For the list of the most competitive economies globally, we used the IMD 2023 World Competitiveness Ranking. The IMD Global Competitiveness Ranking features 64 competitive economies with scores from 0 to one hundred and the score shows more competitiveness. IMD’s ratings are based on 4 main factors: economic performance, government efficiency, business efficiency, and infrastructure, which assess the competitiveness of an economy. We rank the most competitive economies globally in ascending order of the IMD’s competitiveness score.
Note: We have also added GDP (PPP) and GDP consistent with capita to reflect the overall economy of the world’s most competitive countries. As a definition, PPP is calculated by subtracting value differences and nominal adjustments in the local currency and in the U. S. The GDP (PPP) and GDP consistent with capita figures are from the year 2023 and come from the International Monetary Fund.
Competitiveness Score: 82. 46
Luxembourg is one of the most powerful economies in Europe. The country has a GDP of $94. 15 billion and a consistent GDP capita of $143,300. Luxembourg ranks 20th among the most competitive economies in the world.
Competitiveness Score: 83. 02
Australia is one of the most complex economies in the world. Australia has a GDP of $1. 72 billion and a GDP per capita of $64,670. The country is among the most competitive economies in the world.
Competitiveness Score: 83. 48
The Czech Republic is one of the most competitive economies in the world, with a GDP of $539. 32 billion. With a GDP per capita of $49,030, the Czech Republic ranks as the 18th most competitive economy in the world.
Competitiveness Score: 86. 06
Saudi Arabia is one of the largest economies in the Middle East. The country has a GDP of $2. 25 trillion and a capita GDP of $68,450. Saudi Arabia is one of the most competitive economies in the world.
Competitiveness Score: 86. 71
Iceland is a Nordic island country in Europe with a GDP of $27. 08 billion. The country has a capita GDP of $69,830 and is one of the most competitive economies in the world.
Competitiveness Score: 88.21
Canada is one of the largest and richest economies in the world. The country has a GDP of $2. 38 trillion and a capita GDP of $59,810. Ranked 15th on our list, Canada is one of the most competitive economies in the world.
Competitiveness Score: 88. 43
The Scandinavian country is one of the most competitive economies in the world. Norway has a GDP of $452. 96 billion and a capita GDP of $82,240. Norway is among the most competitive economies in the world.
Competitiveness Score: 89. 69
Belgium is located in Western Europe and is one of the largest economies in the region. Belgium has a GDP of $769.68 billion and a GDP per capita of $65,810. Belgium is placed 13th among the most competitive economies in the world.
Competitiveness Score: 89.72
Doha, the capital of Qatar, is the most sought-after and competitive job market in the world. Qatar has a GDP of $328. 13 billion and a GDP per capita of $114,210. The Arab country is among the most competitive economies in the world.
Competitiveness Score: 89. 73
Finland is one of the most competitive economies in the world. Finland has a GDP of $335. 76 billion and a GDP per capita of $59,870.
Competitiveness Score: 90. 52
The United Arab Emirates has a GDP of $895.17 billion. The country is one of the largest and most advanced economies in the Middle East. With a GDP per capita of $88,960, the United Arab Emirates is ranked 10th among the most competitive economies in the world.
Competitiveness Score: 91. 14
The United States is the largest economy in the world, with a GDP of $26. 95 trillion. The country has a GDP consistent with capita of $80,410. The United States is among the most competitive economies in the world.
Competitiveness Score: 91.86
Sweden is the Scandinavian country on our list of the most competitive economies in the world. Sweden has a GDP of $716 billion and a capita GDP of $66,210.
Competitiveness Score: 92. 05
Hong Kong is one of the most complex economies in Asia. The country has a GDP of $549 billion and a consistent GDP of $72,860. Hong Kong ranks seventh among the world’s most competitive economies.
Competitiveness Score: 93.11
Taiwan is one of the richest states in Asia. The country has a GDP of $1.69 trillion and a GDP per capita of $72,490. Ranked sixth on our list, Taiwan is one of the most competitive economies in the world.
Click to read on and see the top five competitive economies in the world.
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Disclosure: None. 25 Most Competitive Economies in the World is originally published on Insider Monkey.