Staying ahead of the game isn't easy in our fast-paced world. But the most competitive countries achieve it by providing the right ingredients for businesses to flourish, outsmart their rivals and fuel economic growth. The International Institute for Management Development's (IMD) annual round-up reveals who's getting it right... and who has work to do.

The most recent ranking covers 67 nations worldwide. We’ve picked out some notable performers (good and bad) before diving into the elite top 20. Read on to discover which countries make the list, starting with the lowest-rated. How does your home nation fare?

The IMD report is no small affair. Its competitiveness league table is based on extensive statistical data and perceptions of more than 6,000 executives from around the globe.

For each of the 67 nations included, a staggering 336 sub-factors were rated across 20 factors grouped into four key categories: economic performance, government efficiency, business efficiency and infrastructure. The IMD then crunched the numbers to come up with its definitive ranking.

With that in mind, let's take a look at which countries made the cut – and which didn't...

Down from 63rd place last year, Argentina languishes near the bottom of the ranking, just one rung up from the worst performer Venezuela.

Unsurprisingly, given the poor state of its economy, Argentina achieves one of its lowest scores for the finance factor, which is part of the business efficiency category. Equally bad are the business legislation and institutional framework factors in the government efficiency category. But the Latin American nation's scores in all four categories and 20 factors are poor – apart from employment, with Argentina ranked 34th by this metric.

Next year's ranking will reveal if President Milei's ongoing economic shock therapy is reaping rewards for the country's competitiveness or making things worse.

Peru has taken an even bigger plunge, dropping eight spots from 2023. The domestic economy, which was in deep recession last year, is Peru's lowest-scoring factor, though it has recently bounced back. Scientific infrastructure is sorely lacking in the nation, with infrastructure the country's weakest category overall.

On the upside, Peru is rated highest for prices, for which it's ranked 30th. The tax policy factor also scores relatively well and the nation is placed 30th by this metric too.

Brazil has slipped steadily down the ranking over the past five years, falling from the 56th most competitive country in 2020 to the 62nd in 2024.

Government efficiency is the country's worst-scoring category. In terms of factors, Brazil is rated poorer than any other nation for societal framework, which encompasses issues related to justice and social cohesion, gender and income inequality, ageing of the population and political instability. Still, Brazil does OK in the economic performance category and ranks a decent 18th for international investment.

South Africa has hovered around the 60th spot for the past five years. While business efficiency has improved in the Rainbow Nation, government has become progressively less effective, offsetting any gains.

When it comes to the 20 factors evaluated by the IMD, South Africa is ranked lowest for employment – it's joblessness rate is the highest among the 67 countries featured in the index. Other issues include problems with basic infrastructure, the recent spate of power cuts underlining the country's weakness in this area.

On the brighter side, positives range from prices – South Africa is ranked an impressive third for this factor – to the nation's fairly favourable tax policy.

Colombia has edged up one spot in the ranking in 2024, but it still trails its 2020 position by three places.

Government efficiency is the weakest link in terms of the four categories, and the country is ranked near the bottom for several factors, including domestic economy, societal framework and business legislation. Like South Africa, however, Colombia excels in the area of prices. Other factors in its favour include the nation's management practices and levels of international investment.

Mexico's competitive edge has become blunter over the last five years as the country has slid from 53rd to 56th in the ranking.

This is despite the nation's resilient economic performance, for which it's ranked 25th. But Mexico scores poorly in the other three categories and lowest for factors such as technological infrastructure, business legislation and education. It's a testament to the Mexican economy that it's performing so well given the many hindrances to the nation's competitiveness.

The Philippines is stuck in the 52nd spot, seven places lower than its ranking in 2020.

Again, economic performance is the stronger category, but not by much, and the weakest – infrastructure – is very poor. Education is the worst-rated factor within this category, followed by basic infrastructure. Improving these areas is the country's chief challenge. In contrast, employment is ranked 10th and the nation's pro-business tax policy 15th.

Chile also remains in the same spot as last year. Like the Philippines, the country was placed significantly higher in 2020, six positions in its case.

Government efficiency is Chile's best-performing category, but overall it's a mixed picture. Chile scores poorly for factors such as international trade, not to mention business productivity and efficiency. However, the nation has achieved reasonably high ratings for international investment, public finance and business legislation.

Italy has dropped one spot from last year, but it is placed two positions higher than in 2020, suggesting much has improved in the nation since the COVID-19 pandemic. Still, it's far from perfect.

Leaving a lot to be desired in the nation, government efficiency is the worst-rated category, with infrastructure the best. Among the 20 factors, heavily indebted Italy scores lowest for public finance – it's placed a rock-bottom 67th by this metric – and highest for its tenacious domestic economy, closely followed by the nation's health and environment infrastructure.

Spain is lower in the ranking this year too. It's currently in 41st position, its lowest spot in the last four years – the nation was in 36th position in 2020, 2022, and 2023 but dipped to 39th in 2021.

Stumbling blocks to competitiveness include the country's steep taxes, messy public finances and high unemployment. Among the positives are Spain's strength in international trade – it's ranked 12th for this factor – as well as its generous levels of international investment.

India is ranked one spot higher this year and the country has bettered its 2020 position by an impressive four places.

Of the four categories, infrastructure is the worst-rated, with health, environment and education the poorest-scoring factors. Meanwhile, India's strengths include its rapidly growing domestic economy and well-regarded business attitudes and values. Interestingly, the IMD has highlighted AI's threat to service jobs as one of the biggest challenges the country is facing.

By contrast, Japan has dipped three places in the ranking this year and is placed four spots lower than it was in 2020.

The nation's robust domestic economy high levels of employment are its biggest assets, with Japan ranking fifth and sixth respectively by these metrics. But there are plenty of drags on the country's competitiveness. These include its highly inefficient management practices, for which it's ranked 65th, problematic public finances – Japan's debt levels are sky-high – and lacklustre productivity.

Malaysia has taken something of a nosedive for 2024, falling seven spots down the ranking. Business efficiency has slipped the most. Mirroring Japan, Malaysia has its work cut out improving productivity and efficiency, its worst-scoring factor. Other culprits include the depreciation of the ringgit and political instability.

Saving graces range from Malaysia's competitive prices to its solid basic infrastructure and tax policies that are amenable to businesses.

New Zealand has plummeted 10 places in the ranking since 2020 as the nation's economy has flirted with recession.

As expected, the country scores poorly for the domestic economy factor, but its worst performing area is actually business productivity and efficiency. Due to its relative isolation, international trade is a poor scorer for New Zealand too. On the bright side, government efficiency continues to impress and the country is ranked 14th for the health and environment factor.

France has risen two spots this year and the country has bettered its 2020 ranking by one position.

Infrastructure is France's strongest category while government efficiency is its weakest. International investment, domestic economy and scientific infrastructure are the highest-ranked factors and the government's tax policy is the lowest-scoring. In fact, France's tax policy is rated the worst among the 67 countries included in the list.

The UK has spiralled down the ranking over the past five years, slumping nine places. The causes include years of government economic mismanagement – the country ranks 51st for the public finance factor – and high inflation, with prices the country's worst-rated factor.

However, the UK's competitiveness prospects could be on the up. The country is ranked 11th for scientific infrastructure and 12th for international investment, which bodes well for the future.

Indonesia has soared in the ranking in recent years. The nation has risen seven spots from last year and an incredible 17 positions since 2022.

Both government and business efficiency have improved markedly in the country. Out of the 20 factors, labour market scores the highest, achieving an impressive second place. But the nation isn't without its challenges. To sustain this upward trajectory, Indonesia must continue to address ongoing issues such as excessive bureaucracy and corruption.

Austria has plunged in the ranking since 2020, falling a dramatic 10 places. In stark contrast to Indonesia, government and business efficiency have worsened in the country over the past few years.

The poorest-scoring factors – tax policy, business attitudes and values, and public finance – are indicative of the issues the nation must grapple with. According to the Federation of Austrian Industries, the most pressing challenges include reducing high payroll taxes and reforming the nation's pensions and healthcare systems.

Likewise, Germany's competitiveness has declined in a striking way over the past few years, with the country down nine spots in the ranking since 2022.

Germany's faltering economy and restrictive tax policy are partly to blame, but the nation also scores poorly for attitudes and values, which encompass attributes such as entrepreneurial spirit and work ethic – Germany is placed 60th out of 67th by this metric. The country has also fallen back in other areas, including technological infrastructure.

Entering the top 20 this year, South Korea has climbed a substantial eight positions since 2023.

Though government efficiency has weakened, business efficiency and infrastructure have become much more robust, while the nation's economy has improved tremendously. One of the world's leading producers of chips and other hi-tech products, South Korea is ranked number one globally for scientific infrastructure. Maintaining this leading edge is among its major challenges going forward, according to the Korea Institute for International Economic Policy.

Canada is in the biggest fallers club in 2024, dropping four places from last year and a massive 11 from 2020.

Businesses in the country have become less productive and efficient, while Canada's entrepreneurial spirit and work ethic have apparently faltered. In the meantime, the nation's international trade has declined, with rival exporters stepping in to fill the void. But it's not all doom and gloom, with Canada ranked fourth overall for international investment.

Belgium has fallen five spots this year but its 2024 ranking remains a massive improvement on the country's position in 2020, when it ranked 25th.

The government appears to be the main thing holding the country back, with Belgium scoring worst for public finance and tax policy (for which it's ranked 66th due to its excessive burden). Reducing this is among the key challenges. Still, Belgium excels in other areas and is ranked in the top 10 for the education, management practices and international trade factors.

Iceland has dropped one position from last year, but its ranking is four rungs higher than in 2020.

The country's ailing economic performance is its Achilles' heel and chief challenge, along with its relative insularity: Iceland scores poorest for international investment and trade and is ranked a lowly 60th for prices and 49th for domestic economy. Strengths include the nation's societal framework – Iceland ranks second by this metric – together with health and environment, employment and education.

Saudi Arabia is ranked one spot higher this year and a jaw-dropping 16 places up from its position in 2021.

The nation has improved across all four categories, though government efficiency has progressed most. Key plus points range from business attitudes and values, for which the country is ranked fourth, to its healthy labour market and light taxation. The lowest-scoring factors include societal framework and health and environment. Looking ahead, sticking to its Vision 2030 development goals and transitioning away from fossil fuels are among Saudi Arabia's main challenges.

Finland has fallen back four spots this year and is down two from 2020. The biggest impediment to the country's competitiveness has been its poorly performing economy, though the government hasn't helped by taxing businesses to the hilt. Finland is ranked a very disappointing 59th for tax policy.

Nonetheless, the nation scores well across an array of other factors, including societal framework and technological infrastructure. Finland's top priorities include managing the threat from Russia and other geopolitical risks, lowering the budget deficit and ramping up research and development.

Mainland China has shot seven positions up the ranking this year. While it's not been in the best shape recently, the country's domestic economy is ranked the best in the world for competitiveness. Three additional factors are ranked in the top 10: technological infrastructure, scientific infrastructure and labour market.

On the downside, Mainland China's international trade has taken a bashing due to the spluttering global economy and intensifying geopolitical tensions – the nation is ranked just 43rd for this factor. Reversing the decline is one of the country's most pressing challenges.

Australia is zipping up the ranking, having leapt from 19th position last year and 22nd in 2021. The nation's flourishing economy is primarily the reason, though inflation and cost of living issues have taken the edge off.

Australia scores highest for international investment, ranking fifth by this metric. Aside from tackling high prices, areas that Australia could improve include management practices, international trade, tax policy and productivity, which has dropped below the long-term average.

The US has departed the top 10 this year, falling from position number nine. The nation's mighty economy has actually improved and America ranks first for economic performance. But the country has slipped in the other three categories.

Among the factors, America is top for international investment and business finance and third for scientific infrastructure. The weakest factors include public finance, with the US deficit growing ever larger, and prices and societal framework.

Qatar has improved its ranking by one position this year and has climbed seven spots since 2022. Better economic performance and upgrades to infrastructure underpin its stronger showing.

Creating the perfect climate for businesses to thrive, Qatar's tax policy is ranked the best in the world. The country is also number one for employment. However, scientific infrastructure, health and environment and education are ripe for improvement. Plus, Qatar needs to do more to attract international investors.

Norway rejoins the top 10 this year, having slipped to 14th in 2023. The nation still has some way to go though before it wins back the sixth place, which it snagged in 2021.

Norway's business efficiency and infrastructure are its strengths, with the country ranked second globally for basic infrastructure. Its weaknesses include high prices, waning international trade and a government tax policy that stifles competitiveness, with Norway ranked a lowly 52nd for the tax policy factor.

Down from the fifth spot last year and fourth in 2020, the Netherlands has lost some of its competitive prowess over the past few years but remains a force to be reckoned with all the same.

Sticky inflation has proven to be a major obstacle, with the country ranked 54th for prices, while tax policy is rated even worse in 63rd place. Fortunately, the country is strong in almost every other area, from international trade and business finance to employment.

Taiwan has dropped two places in the ranking this year, though its position is still an improvement on 2020 when the country was placed 11th.

Business and government efficiency along with infrastructure are generally top-notch but the global trade downturn has harmed Taiwan's competitiveness of late. As well as expanding trade, its most urgent challenges include bolstering international cooperation to deal with the looming threat from China and accelerating the digital and net-zero transition.

The most competitive nation in the Middle East, the UAE has moved up three spots this year and two from 2020.

The nation's scores have improved across all four categories. Factor-wise, the UAE is ranked second for public finance and employment and third for labour market and international trade. Its weakest factors are scientific infrastructure and health and environment. The country's key challenge is its transition away from fossil fuels and the need to diversify its economy.

Sweden has improved its ranking by two places this year, returning to position number six which it held in 2020 (though the country was ranked in second place in 2021).

Business efficiency is Sweden's strongest category, with health and environment – which is ranked second – the nation's best-scoring factor. But while Sweden has many factors in its favour, several are very poorly rated. These include prices, employment and tax policy, which is ranked 56th.

Though part of China, Hong Kong is treated as a country by the IMD. The special administrative region has risen two spots in the ranking to reclaim the fifth position it lost last year.

Hong Kong is ranked number one for international trade and business legislation, second for tax policy and third for international investment and basic infrastructure. This makes it a fantastic place to do business, albeit a very expensive one. Hong Kong ranks a terrible 65th for prices, which is by far its worst-scoring factor.

Ireland has slipped two positions in the ranking this year but is still performing exceptionally well considering the country was placed 12th in 2020.

Business efficiency, Ireland's best-scoring category, is exemplary in the country, with business attitudes and values the highest ranked factor, achieving second place overall. Other standout positives include Ireland's pro-business legal framework and high productivity. When it comes to challenges, curbing the nation's steep prices and improving basic infrastructure are top of the agenda.

The world's most competitive country in 2023, Denmark has to make do with the bronze medal this year, having fallen to third spot. This is primarily due to a decline in the economic performance category.

Regardless, Denmark remains number one for productivity and efficiency, societal framework and management practices. Among the few major negatives is the nation's tax policy, for which it's ranked 51st. Going forward, reducing the burden on businesses to boost their competitiveness has been identified by the Danish Federation of Industry as a key challenge for the country.

Switzerland has edged up one spot this year to nab the runner-up position, though the nation was number one in 2021. A well-oiled machine that runs like clockwork, the affluent country is ranked first for the government efficiency and infrastructure categories.

In terms of factors, Switzerland also ranks first for public finance, institutional framework, health and environment, and education. The biggest drawback is the country's general expensiveness, which dampens its capacity to compete globally; Switzerland's prices factor is ranked a lowly 61st.

Singapore makes a triumphant return to the top spot this year, having lost its crown in 2021. Smashing it across all four categories, Singapore has achieved a competitiveness score of 100.00 for 2024.

Breaking down the factors, the dynamic city-state is number one for technological infrastructure, business attitudes and values, and labour market. Its ratings are mega-high for international trade and investment, business legislation and plenty more besides. But despite its perfect overall competitiveness score, Singapore shares one major drawback with Switzerland: high costs. In fact, the country is ranked even lower for prices, right down in the 62nd position.

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