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Luxembourg is less competitive, ranking finds
IMD

Luxembourg is less competitive, ranking finds

03.10.2022
Luxembourg is ranked 13th out of 63 countries evaluated by Swiss-based IMD business school
Luxembourg's economic competitiveness fell, according to one evaluation
Luxembourg's economic competitiveness fell, according to one evaluation
Photo credit: Shutterstock

By Simon Martin and Gabrielle Antar

Luxembourg dropped slightly to 13th in a prestigious business school's latest rankings of the world's most economically competitive countries yet kept the global top spot for economic performance.

Twenty years ago, Luxembourg was at the top of the annual "World Competitiveness Yearbook" devised by the International Institute for Management Development (IMD), a private business school in Lausanne, Switzerland. The platform measures 63 countries on four criterias: economic performance, government efficiency, business efficiency and infrastructure.

The Grand Duchy ranked 12th overall in 2021, above its neighbours Germany (15th), Belgium (21st) and France (28th), Virgule reported.  

Denmark grabbed the 2022 top spot for the first time in 34 years of rankings after coming 3rd last year. Switzerland and Singapore followed.

Luxembourg outperformed all counterparts in economic performance, IMD said, due to the country's resilience to successive crises.

In terms of government efficiency, the country fell from 10th to 13th place. The efficiency of businesses dropped from 13th to 20th place. As has been the case since 2020, the infrastructure pillar remains in 24th place.


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