(MENAFN- QNA) South Korea's ranking in global competitiveness dropped by one notch this year due to lower grading in efficiency and innovation, a report showed Wednesday.
According to the report by the World Economic Forum (WEF), South Korea was placed 26th in the competitiveness index out of 144 countries surveyed this year, down from 25th a year earlier.
This is the lowest ranking since 2004 when the country slipped to 29th, according to South Korea's Yonhap News Agency.
Its ranking in terms of efficiency fell from 23rd to 25th, while it also fell in innovation and maturity to 22nd from the previous year's 20th, the report showed.
The ranking in the macroeconomic conditions improved from ninth to seventh, while that in infrastructure fell from 11th to 14th, the report showed.
South Korea's finance ministry said the massive leak of private information earlier this year, North Korea's repeated missile launches and the deadly ferry disaster in April were the main factors that could have negatively affected the country's ranking this year.
Switzerland kept its top position in global competitiveness this year, followed by Singapore, the United States, Finland, Germany and Japan, according to the report.
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