The Alpine nation has been awarded third place in the “World Competitiveness ranking 2020” compiled by the Lausanne-based IMD business school.This content was published on June 16, 2020 - 14:39
Switzerland climbed one spot to third, behind Singapore and Denmark in the 2020 edition ranking, now in its 32nd year.
“Robust international trade fuels its strong economic performance, whilst its scientific infrastructure and health and education systems show steadfast displays,” an IMD report said on Tuesday.
Of the 63 countries assessed, Venezuela fared the worst, ahead of Argentina and Mongolia in 62nd and 61st places, respectively.
In their report, IMD researchers highlighted the strength of smaller economies.
“The benefit of small economies in the current crisis comes from their ability to fight a pandemic and from their economic competitiveness. In part these may be fed by the fact it is easy to find social consensus,” stated Arturo Bris, director of the IMD World Competitiveness Center.
This year’s results are a combination of hard data on economic performance taken from 2019 and survey responses of mid- and upper-level managers from early 2020. For the first time, this edition includes additional criteria to take into account a country’s progress towards achieving the United Nations Sustainable Development Goals.