On this premise, 36 years ago the IMD World Competitiveness Ranking was created, in a bid to provide actionable data analysis on economies, regions and sub-regions according to how they optimize their individual competencies in order to achieve long-term value creation for their people. It provides benchmarking and exposes trends, using both statistics and real-world survey data.

The 2024 edition, released in June, provides extensive coverage of 67 global economies and is a worldwide reference on the competitiveness of economies. In 2024, three new economies were added: Ghana, Nigeria and Puerto Rico.

Mongolia positioned 61st with 46.3 points in the 2024 edition, followed by Peru and Brazil.

Singapore is the most competitive economy out of 67 across the world’s eight major regions. Switzerland was second and Denmark third, while Nigeria, Ghana, and Puerto Rico made their débuts.