Portugal Rises While Brazil Falls in 2024 Competitiveness Ranking

by: Jessica Ferreira

Portugal rose three places in the IMD 2024 World Competitiveness Ranking, to 36th, the country’s best performance since 2021, while Brazil reached its lowest position since 2020, falling to 62nd place.

Although Portugal has not performed all that well in terms of global competitiveness since 2021, the country has recovered strongly, from 42nd place in 2022 and 39th in 2023.

The increases are widespread across the study’s four key indicators: infrastructure (32nd to 26th), which shows the best results; followed by economic performance (from 42nd to 39th), business efficiency (from 41st to 39th) and, finally, government efficiency (from 43rd to 41st), the study points out.

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According to the study, “the country scored top marks in education (21st), technological infrastructure (24th), health and environment (25th), scientific framework (25th), business legislation (25th) and international trade (25th)”.

On the other hand, Brazil registered decreases in: infrastructure (55th to 58th) and government efficiency (62nd to 65th), while the country’s economic performance registered an increase (41st to 38th) and its business efficiency remained unchanged (61st), when compared to 2023.

The South American country scored best in international investment (18th), prices (20th), employment (37th) and domestic policy (37th), all areas of the economic performance indicator.

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The IMD World Competitiveness Center ranking is compiled based on surveys of 6.612 executives, between March and May 2024, and the analysis of 164 statistical data, which analyzes indicators such as infrastructure and economic performance in 67 economies.

The ranking is led by Singapore, Switzerland and Denmark, followed by Ireland and Hong Kong. In the meantime, the adoption of AI, the risk of a global economic slowdown and geopolitical conflicts are the three trends that will have the greatest impact on companies this year.

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