In the 2015 edition of the World Competitiveness Yearbook of the Swiss International Institute for Management Development (IMD), Luxembourg reaps the results of its breathtaking race for the highest ranks and manages to reach 6th rank overall of the 61 most competitive countries in the world. The best result since 2009 (2014: 11th). This result confirms the dynamism and potential of Luxembourg's economy.
A huge leap in the scores!
The World Competitiveness Yearbook analyses the competitiveness of 61 countries, based on over 300 criteria, grouped in the following categories:
- economic performance;
- effectiveness of public authorities;
- business environment;
- the infrastructure.
For economic performance, Luxembourg loses one place and ranks 5th, which is notably due to the Luxembourgish paradox: job creation is constant, but unemployment rises or stagnates at a high level. However, as far as international trade is concerned, Luxembourg can even take the lead!
The the effectiveness of public authorities has also ameliorated, according to IMD. Luxembourg can indeed obtain a merited 12th position in this ranking. Especially business legislation and the institutional framework (2014: 23rd / 2015: 3rd) have made huge leaps.
As far as the business environment is concerned, Luxembourg can climb 10 ranks, from 14th to 4th. In this section, management practices (2014: 13th / 2015: 3rd) and attitudes and values (2014: 31st / 2015: 13th) have made the biggest progress.
For infrastructure, Luxembourg has managed to obtain a slightly better result and ranks 22nd. In detail we see that Luxembourg improves its ranking in all areas, education and health, basic infrastructure, technical infrastructure and scientific infrastructure, but fails to significantly improve its score.
Within the European Union, the Grand Duchy is in the lead, followed by Norway, Denmark, Sweden and Germany.
In Luxembourg, the Chamber of Commerce coordinated the IMD's survey among the companies.
(Source: press release by the Chamber of Commerce)