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Korea's 2016 Global Competitiveness Ranks 26th Down from 11th Place in 2007

By October 3, 2016 at 6:57 am
Group of people cosplaying in front of a temple (Photo : by Jean Chung/Getty Images)

Korea ranks 26th out of 138 nations in global competitiveness according to a recent report published by the World Economic Forum last Wednesday, Chosun Ilbo reported.

Korea was at 11th place in 2007 but dropped to 26th in 2014 and apparently has stayed stuck in that place in 2016.

Chosun Ilbo opines that most likely the driving reason for the lowness in ranking was Korea's low labor competitiveness. Korea ranked 77th in terms of labor market efficiency while labor-management relations was ranked near bottom in 135th.

Foreign media has reported that Korea's frequent worker strikes across the country has ended up tarnishing the country's image. The only countries that ranked lower than Korea in terms of labor relations were Uruguay, Trinidad and Tobago and South Africa.

Based on Chosun Ilbo's survey neighboring Asian rivals all did much better with Japan ranking seventh followed by Hong Kong 14th, Taiwan 16th and China 47th.

Meanwhile, public transport union workers began striking on Tuesday, while the health workers union downed syringes on Wednesday.

The Korea Metal Workers Union, which includes Hyundai Motor assembly line workers, went on a partial strike starting Wednesday.

Finance Minister Yoo Il-ho accused striking workers of being "selfish" and warned that their actions would hurt Korea's competitiveness.

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