Estonia drops further in 2024 international competitiveness rankings
This Tuesday, the Lausanne-based International Institute for Management Development (IMD) published the results of its 2024 World Competitiveness Ranking, which included a total of 67 global economies. This year, Estonia's economy ranked 33rd overall, slipping a further seven spots since 2023.
Among EU member states, Estonia dropped two spots, the Estonian Institute of Economic Research (EKI) said.
"This marks the second year in a row that we've dropped in the competitiveness rankings," said EKI director Peeter Raudsepp, acknowledging the drop from 22nd overall in 2022 to 26th in 2023 as well.
"While it was previously possible to attribute the decline to factors related to the war in Ukraine, that's now much more difficult to do," he explained, "Because Latvia, for example, has moved up six places and Lithuania two places in the rankings, both of which are likewise impacted by what is happening in Ukraine."
Raudsepp added that the only indicator that remained steady on year was economic performance, which remained unchanged at 54th for the second year in a row.
Compared with last year's results, this year's rankings saw Norway rise four places to enter the top ten, while the U.S. dropped out of it, slipping three places on year to rank 12th. The top ten also includes mostly small economies, and six out of the ten are European economies.
The top ten most competitive economies ranked in the 2024 WCR are:
- Singapore (up from 4th in 2023)
- Switzerland (up from 3rd)
- Denmark (down from 1st)
- Ireland (down from 2nd)
- Hong Kong (up from 7th)
- Sweden (up from 8th)
- United Arab Emirates (up from 10th)
- Taiwan (down from 6th)
- The Netherlands (down from 5th)
- Norway (up from 14th)
South Korea's economy saw the biggest rise in the rankings on year, going up eight places, while the Czech Republic's saw the steepest drop, slipping eight spots in turn.
Among Estonia's most important trade partners, Sweden's economy ranked 6th, Finland's 15th, Germany's 24th, Lithuania's 30th and Latvia's economy 45th overall.
On year, Estonia's economy slipped two places to rank 13th among EU member states.
Click here to explore Estonia's full country profile in the IMD's 2024 World Competitiveness Ranking.
67 economies ranked worldwide
The IMD has been assessing the international competitiveness of global economies since 1984. This year's edition of the World Competitiveness Ranking (WCR) included 67 global economies, including the new additions of Ghana, Nigeria and Puerto Rico.
Click here to read more about the WCR, including the methodology behind it.
The EKI has served as a partner institute to the IMD since 2002.
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Editor: Mirjam Mäekivi, Aili Vahtla
