Swiss Institute IMD: Israel's economy is ranked 25th out of 63 countries defined as "developed"


by Ifi Reporter Category:Capital Market Jun 18, 2022

Israel's economy is ranked 25th out of 63 countries defined as "developed", in the Competitiveness Index of the Swiss Research Institute IMD represented in Israel by the Association of Chambers of Commerce. , Only in 53rd place.
The IMD Research Institute is one of the world's leading research institutes that examines once a year the degree of competitiveness between national economies on the basis of various criteria.

The Global Competitiveness Index, published annually by the Institute, ranks 63 countries according to various economic parameters and is based on data collected from business entities around the world, including the Israel Chamber of Commerce Association. The index examines countries' performance according to four parameters: Infrastructure and government efficiency.
At the top of the world, rankings are: Denmark (up 2 places), ranked first, followed by Switzerland (down one place), Singapore (up 2 places), Sweden (down 2 places), Hong Kong (up 2 places) And the Netherlands (a decrease of 2 places).
At the bottom of the rankings are: Botswana (3 places increase), Brazil (2 places decrease), South Africa (2 places increase), Mongolia (1 place decrease), Argentina (1 place increase) and Venezuela, last ranked Also this year.
An analysis by the Association of Chambers of Commerce of the IMD index data shows that the strengths of the Israeli economy are reflected in the improvement of economic resilience from eighth place in 2021 to fifth place; Israel was ranked second in the high-tech services exports section, a decrease of one place compared to last year; Israel maintains its place in the first place in the investment item in R&D as a percentage of GDP; ranking in sixth place in the item Public expenditure on education (as a percentage of GDP) - a decrease of three places from 2021.
In the section on the use of digital and technological means, Israel rose from tenth place to eighth place; In addition, Israel maintained its sixth place in the establishment of start-up companies; In terms of senior management capabilities, Israel rose to ninth place from 24th place - a jump of 15 places; In the digital and technological skills section, Israel rose 12 places from 20th place to eighth place.
On the other hand, Israel's low rankings are reflected in a ranking of 53rd in the labor force participation rate, a decrease of one step compared to last year; In the item exports of goods as a percentage of GDP, Israel is ranked 61st in 2022, a decrease of one place compared to 2021; In the Inbound Tourism section, Israel dropped three places from 41st place in 2021, to 44th place in 2022; In investing in communications and information infrastructure, Israel dropped two places, from 56th place last year, to 58th place this year.
In terms of the number of large corporations on an international scale, Israel dropped four places to 54th; in terms of encouraging competition, Israel dropped 11 places from 29th to 40th place; in the labor productivity section, there is a decrease of nine places from 37th to 46th place. There is also a decrease of 17 places in the women's section in management positions, from 24th place to 41st place.
The IMD Research Institute notes that Israel must address the following challenges, in order to improve its position in the coming years:
• Increasing productivity in the economy, mainly in the trade and services industries
• Lowering unemployment
• Reducing government bureaucracy
• Increasing investment in infrastructure
• Encouraging competition in the business sector
Advocate Uriel Lin, president of the Association of Chambers of Commerce, said that "the data in the report reflect in a correct and objective view the changes in the structure of the economy in Israel, its strengths and weaknesses. The full significance of the changes in the structure of the economy and the crucial contribution of the trade and services sector to job creation, business product, and a jump in exports.
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