Anchor: South Korea’s Global competitiveness ranking has fallen four notches this year to 29th among 61 countries surveyed. While releasing its annual World Competitiveness Scoreboard, the Swiss-based IMD advised the South Korean government to work reforming the corporate sector and labor market and invigorate consumption by managing household debts.
Our Ro Aram has more.

Report: The competitiveness ranking is the worst for South Korea since the country suffered the global financial crisis 2008.

The Swiss-based International Institute for Management Development on Monday released its annual World Competitiveness Scoreboard.

South Korea stood at the 29th out of 61 surveyed countries in the latest survey. This is four notches below last year’s ranking.

South Korea’s business efficiency rankings fell eleven spots to drag down the country’s overall standing. The South Korean Finance Ministry attributed the fall to the current corporate restructuring of struggling shipping and shipbuilding companies. The government also blamed the controversial case of humidifier sterilizers that killed around 100 South Koreans.

South Korea’s scores on corporate ethics and social responsibility also fell close to bottom while the poor labor-management relations and lack of skilled workers continued to have played roles in the assessment.

But South Korea’s government efficiency rose two spots due to reforms in public pensions for civil servants and fiscal structure, the only positive change in the four major criteria used in the rankings.

The IMD advised South Korea to pursue timely reforms in the corporate sector and labor market and invigorate consumption by managing the “debt burden”. It also called for creating more decent jobs especially for youngsters.

Hong Kong topped this year’s rankings. Switzerland was runner-up. The U.S. fell to third from the top spot last year while China fell to 25th from 22nd.
Ro Aram, KBS World Radio News.crisis.