GENEVA - South
Korea's global competitiveness jumped 12 notches
over the past year to 17th place, the biggest rise
among 117 countries surveyed, a report showed
Wednesday.
In the Global Competitiveness
Report 2005-2006, the World Economic Forum (WEF)
said South Korea's economy is on a recovery track
despite the strength of its currency, and its
efforts to develop scientific technologies and
root out corruption are noteworthy.
The
WEF is an independent international organization
committed to improving the state of the world.
South Korea, Asia's fourth-largest
economy, grew 4.6% last year as exports remained
robust, offsetting a slowdown in private spending.
The economy, which expanded 3% in the first six
months of the year on an annual basis, is expected
to grow 4% for the full year.
South
Korea's global competitiveness was ranked 18th in 2003,
up
from 21st and 23rd, respectively, in 2002 and
2001.
The global competitiveness index for
a country is composed of three "pillars", which
are widely accepted as being critical to economic
growth: the quality of macro-economic environment,
the state of public institutions and technological
readiness, given the increasing importance of
technology in the development process, according
to the report.
In terms of technology
readiness, South Korea came in at 7th, up from 9th
place. The country had the third-largest number of
Internet users among the surveyed nations, while
the competitiveness of its Internet service
providers placed third.
South Korea ranked
42nd in terms of the state of public institutions,
down from 41st place the previous year. The
country also placed 25th in terms of
macro-economic environment, improving from 35th
the previous year, mainly thanks to improvement in
future economic outlook and access to credit, the
WFP report showed.
In terms of business
competitiveness, South Korea was ranked 24th last
year, unchanged from the previous year's ranking.
Finland topped the global competitiveness
list for the third year in a row, followed by the
United States. Taiwan and Singapore were
respectively ranked 5th and 7th, while Japan
placed 12th.
China slipped by three
notches to 49th, just ahead of India.
