Luxembourg has never been ranked lower than 15th in the World Competitiveness Yearbook (WCY) 2023, published by the Swiss institute IMD.
The country has thus dropped 7 places compared with the previous year, when it was still ranked 13th. This disappointing performance comes at a time when the global economy is going through a succession of crises. The other small countries posted excellent results in this 2023 ranking, dominated by Denmark, which again this year appears to be the world’s most competitive economy. It is followed by Ireland, Switzerland, Singapore and the Netherlands.
By dropping 7 places, Luxembourg loses ground to economies whose performance it has always been close to: Switzerland, Ireland, the Netherlands, Singapore and Sweden. Above all, it has been overtaken by countries that have never shown themselves to be more competitive than Luxembourg in the last decade: Belgium, Iceland, Saudi Arabia, the Czech Republic and Australia.
