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Korea ranked 22nd in national competitiveness in 2005
June 17, 2005
Korea ranked 22nd in national competitiveness among 66 countries in 2005, three notches up from 25 last year, the Institute for Industrial Policy Studies (IPS) said on May 9. "It is the first time an improvement in the ranking has been seen in three years since we started the annual survey of national competitiveness in 2001," the institute said.
"The improvement shows Korea is moving toward becoming an advanced economy," it said. In particular, the survey pointed out the advancement in personal assets and the consumer standards are leading the improvement in the ranking, which is a sign Korea is becoming a developed economy. Korea ranked 11th in the competitiveness of corporate management, five steps up from 16th last year. The competitiveness of Korean professionals also went up three notches to 17th. "The deepening sophistication of consumers in line with growing market size is also another factor that proves the Korean economy is becoming an advanced economy," IPS researcher Lim Mi-young said.
When it comes to the ranking in other sectors, Korea is at 22nd for its infrastructure and 32nd each for its political and administrative workforce, and the business environment.
The labor sector is one of the least improved sectors as the competitiveness ranking with Korea's production workers at 61st out of 66 countries.