South Korea's ranking in terms of its competitiveness relative to other countries rose by eight places to reach the highest level for the country ever in 2024 on improved business efficiency and infrastructure, a report showed.

The country ranked 20th in terms of global competitiveness among 67 countries surveyed in 2024 compared with 28th the previous year, according to the report by the International Institute for Management Development released by the Finance Ministry here.

IIMD, a business school with campuses in Lausanne, Switzerland and Singapore, has been releasing the yearly report since 1989 ranking countries based on their economic performance, infrastructure, and government and business efficiency.

Singapore topped the list this year, followed by Switzerland, Denmark, Ireland and Hong Kong. (Yonhap)