IMD competitiveness ranking: Switzerland is number one in Europe

Switzerland comes first in Europe and fourth worldwide in the annual competitiveness ranking covering 61 economies published by the Lausanne-based IMD World Competitiveness Center. IMD yesterday announced the findings of its annual World Competitiveness Yearbook ranking 61 economies. Switzerland confirms its position as one of the most competitive economies in the world and the number […]

Switzerland comes first in Europe and fourth worldwide in the annual competitiveness ranking covering 61 economies published by the Lausanne-based IMD World Competitiveness Center.

IMD yesterday announced the findings of its annual World Competitiveness Yearbook ranking 61 economies. Switzerland confirms its position as one of the most competitive economies in the world and the number one in Europe.

Switzerland has always been resilient to economic cycles and the crisis, and is ranked first on this particular criteria. In addition, the cost of capital encourages business development (ranked first) and the efficient business legislation attracts investors (ranked first in terms of labor regulations and redundancy costs).

Switzerland’s favorable labor market conditions – the country leads in terms of labor relations, worker motivation and foreign high-skilled people among others – also stimulate business activities, according to the ranking. Thanks to its healthy business environment, the country was able to promptly react following the decision of the Swiss National Bank to discontinue the minimum exchange rate of CHF 1.20 per euro. After the initial shock, firms quickly found measures to ensure their competitiveness, such as amicable agreements with staff to extend weekly working hours. The ability to craft and implement effective solutions when faced with extraordinary situations is what makes Switzerland so unique.

Published since 1989, the IMD World Competitiveness Yearbook is based on more than 300 criteria, approximately two-thirds of which are derived from statistical indicators and one-third from the perception of international executives.