South Korea ranked 27th in terms of global competitiveness among 63 countries surveyed, according to the 2022 report by the International Institute for Management Development (IMD). Among 27 nations with a population of more than 20 million or more, South Korea also ranked ninth this year, down one notch from a year earlier. In terms of economic achievements -- covering the domestic economy, international trade, and employment -- South Korea saw its ranking fall by four notches to 22nd, due largely to the previous year's base effect. Asia's fourth-largest economy expanded 4% last year, the fastest growth in 11 years, on the back of robust exports. South Korea's economic growth is likely to be in the 2% range this year due to heightened economic uncertainty.
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