Australia's surprising ranking among the world's most competitive economies
New research by the International Institute for Management Development (IMD) in Switzerland has ranked the world's most competitive economies for 2024.
The ranking divides its data into four areas: economic performance, government efficiency, business efficiency, and infrastructure.
The top 10 is dominated by smaller economies – a reflection that economic competitiveness is not only a question of size. Researchers say those with the ability to adapt with changing economic conditions rank well.
"We believe the most competitive economies of the future will be those able to anticipate and adapt to this changing global context while simultaneously creating value and well-being for their people.," said Arturo Bris, director of the IMD World Competitiveness Centre, which has been behind the annual ranking since its inception in 1989.
Click through to see where Australia ranks.
1. Singapore
Singapore has made a comeback in ranking, reclaiming first place after a brief sojourn outside it (but still inside the top five) from 2020 to 2023.
The city state owes its comeback to a robust performance across all four competitiveness factors, particularly government efficiency and business efficiency, reflecting robust private and public sectors.
2. Switzerland
Banking powerhouse Switzerland has made progress thanks to its improved economic performance and business efficiency.
The European nation also continued lead in government efficiency and infrastructure.
3. Denmark
Denmark has dropped to third due to a fall in economic performance.
But researchers said the shift was "insignificant" as the country remains a poster child of competitive economies.
5. Hong Kong
Despite debate about Hong Kong's standing as an international financial centre it ranks well.
The territory moved up two places for 2024.
6. Sweden
Sweden's heavily export-orientated economy came in at sixth place.
The Scandanavian nation can draw on extensive resources of timber, hydropower and iron ore.
8. Taiwan
Despite living under the shadow of economic powerhouse China, the economy of Taiwan was ranked eighth most competitive.
The island territory has a thriving manufacturing sector, producing key microchips for the global tech sector.
9. The Netherlands
The Netherlands' advanced economy dropped to ninth place.
Shaking off the effects of inflation, it continues to perform well in manufacturing, logistics and trade.
10. Norway
The energy-rich economy of Norway climbed four places in 2024 to round at the top 10.
The north-western European country has a competitive mix of state and private enterprises, including the North Sea oil and gas sectors.
11. Qatar
Production of goods and services related to petroleum, petrochemicals, and aluminium has powered the economy of Qatar.
This year it rose three places to seventh spot.
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