Since 2007 when Korea was ranked 11th, it has kept moving further down. Last year it was ranked 19th, gaining five notches from the previous year. By different

dimension of the Index, Korea was given relatively high marks in terms of macroeconomic environment (9th), infrastructure (11th), technological adoption (22nd), business sophistication (24th), and capacity for innovation (17th). When it comes to institutional maturity, however, it was ranked way down, including average quality of public and private institutions (74th), labor market flexibility (78th), and financial market efficiency (81st).

 

The top-ranking countries on the list were Switzerland, Singapore, and Finland, followed by Germany, the United States, Sweden, Hong Kong, the Netherlands, Japan, and the United Kingdom.