Among the reasons for the drop are Switzerland’s comparatively high prices and the weakening economic efficiency during the Covid pandemic, according to the reportExternal link published on Wednesday.
However, Switzerland fared particularly well in government efficiency and quality of technical infrastructure compared with its peers.
Denmark was awarded first place in 2022 ahead of Switzerland, Singapore, Sweden, Hong Kong and the Netherlands.
It is the first time in the 34 years that the Swiss-based school gave the Nordic country the lead in the annual competitiveness report.
“Denmark is the most digitally advanced country in the world and now takes the top spot thanks to good policies, advantages afforded by being a European country, a clear focus on sustainability and a push from its agile corporate sector,” IMD’s Arturo Bris in a statement.
The report notes that inflationary pressures were having a greater impact on businesses than concerns about greenhouse gas emission and the widening gap between the rich and the poor.
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Switzerland's economy grew slightly at the start of 2024, with growth in the service sector contrasting with weak growth in industry.
Swiss employment rate rises in first quarter of 2023
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The number of women and foreign nationals in employment increased particularly strongly, the Federal Statistical Office said on Thursday.
Coercion still an issue in Swiss welfare system, report finds
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The rights of vulnerable people are still sometimes disregarded by the Swiss welfare system, a national research programme has found.
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Viola Amherd has expressed her “deep shock” at the assassination attempt on Slovakian Prime Minister Robert Fico on Wednesday.
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A man injured half a dozen people with knives, two of them seriously, before being arrested on Wednesday in northern Switzerland.
Switzerland to introduce flight passenger database
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Switzerland plans to introduce a flight passenger database to collect and process personal data in a bid to combat terrorism and serious crime.
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Switzerland ranked third in global competitiveness ranking
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The Alpine nation has been awarded third place in the “World Competitiveness ranking 2020” compiled by the Lausanne-based IMD business school.
Switzerland ranked world’s fourth most competitive economy
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Switzerland is Europe’s most competitive nation, coming fourth in the annual ranking of the Lausanne-based IMD business school.
Swiss rank among top ten FT European business schools
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Two Swiss institutions, the University of St Gallen and the IMD in Lausanne, are among the ten best European business schools, says the FT.
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