Global Competitiveness Index 2024: The global economy is in a constant state of flux, responding to a multitude of influences such as technological advancements, demographic shifts, and geopolitical factors. Ahead of 2024–25, the competition among nations is growing more intense as they compete for top positions on the world stage.
The demands of citizens, international collaboration in establishing new key performance indicators (KPIs), and the imperative to reduce emissions are compelling the global economy to embrace a fresh set of KPIs.
Future economic success will no longer be solely measured by traditional metrics like GDP and disposable income. Instead, it will be defined by how well nations can secure prosperity for future generations while upholding the living standards of the current population.
This balance will necessitate the inclusion of social, environmental, and cultural indicators alongside economic objectives, with the comprehensive approach to competitiveness gaining even more significance in the context of the Sustainable Development Goals (SDGs).
Notably, Singapore has been ranked as the most competitive economy out of 67 economies worldwide in the latest Global Competitiveness Ranking by IMD, owing to its robust performance across all four competitiveness factors, particularly government efficiency and business efficiency.
Additionally, countries such as China, India, Brazil, Indonesia, and Turkey have witnessed rapid growth and development in recent decades, emerging as key players in trade, investment, innovation, and geopolitics.
India has improved its position in the Competitiveness Index, now ranking 39th globally, up from 43rd in 2020. However, the country still faces significant challenges, including the threat of artificial intelligence to the services sector employment, the need for a skilled workforce, and more, as per the report.
Here’s a look at the top 10 most competitive economies that effectively balance productivity and prosperity, enabling them to generate high levels of income and quality of life for their citizens while safeguarding the environment and social cohesion.
Top 10 most competitive economies in the world in 2024:
| Rank | Country | Score |
| 1 | Singapore | 100 |
| 2 | Switzerland | 97.55 |
| 3 | Denmark | 97.07 |
| 4 | Ireland | 91.86 |
| 5 | Hong Kong SAR | 91.49 |
| 6 | Sweden | 90.30 |
| 7 | UAE | 89.75 |
| 8 | Taiwan (Chinese Taipei) | 88.50 |
| 9 | Netherlands | 86.94 |
| 10 | Norway | 86.22 |
Source: IMD-World Competitiveness Ranking 2024
Please note: The 2024 ranking is based on four factors which demonstrate the most competitive economies combine robust economic performance with efficient public and private sectors, high-quality infrastructure, and human and social capital.
