Inflation, the war in Ukraine and market instability have marked the global economy over the past year. For this reason, a country like Latvia has suffered the biggest drop (down 16 places) in the competitiveness ranking published by IMD (Institute for Management Development). On the other hand, Spain remains in position 36 for one more year. In the last five years it has achieved this qualification four times.

This position is mainly due to its results in the economic performance factor, thanks to the services sector, and in business efficiency, despite the poor digital transformation of Spanish companies. Among the 64 countries evaluated in this World Competitiveness Ranking, Spain stands out for its high enrollment ratios in secondary education, for public health, for life expectancy and for the export of commercial services. Instead, structural unemployment is Spain’s great weakness. Unemployment and the inefficiency of the policies to control it have caused government efficiency to rank 51st, according to this competitiveness report.

In the report, it is pointed out that Spain’s main objective should be to invest European funds efficiently. It also highlights the need to manage inflation so that it does not harm competitiveness, to reduce the tax burden and create a more favorable framework for companies, improve employability and strengthen the productive system.

Rest of the world

Denmark, Ireland and Switzerland are the countries that lead this list of the most competitive countries in the world. Denmark repeats position by establishing itself in first place. Switzerland lost its position to Ireland, which is positioned as the second most competitive country in the world after climbing nine positions in the ranking thanks to its “important achievements in terms of economic results.”

The countries most reluctant to open up after Covid improved their competitiveness. For this reason, Indonesia was the country that climbed the most positions in this classification, managing to rank 34th from 44th in 2022. The economies most dependent on imports of raw materials and energy, especially Russia, were the countries that experienced the greatest loss of competitiveness. Among them, Latvia, Estonia, Lithuania and Poland. Due to the unreliability of their data, neither Russia nor Ukraine were included in the list.

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