South Korea's global competitiveness ranking dips

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.