Portugal falls 6 places in IMD competitiveness ranking
Portugal has slipped six places in the ranking of the world’s most competitive countries.
The Institute for Management Development (IMD) places Portugal in 42nd place among the 63 countries evaluated from among which Denmark topped the list.
It is the biggest tumble for Portugal since 2018 with tax policies and management practices being areas which let Portugal down.
2022 proved to be no exception in the league table in which Portugal fell down in almost all the main indicators evaluated by the Swiss institute that has a partnership with the Porto Business School at the University of Porto.
In terms of ‘Economic Performance’ Portugal fell three places to 46th while the sub-indicator ‘Domestic Economy’ suffered its wort register in 50th place.
Portugal also lost ground in terms of ‘Government Efficiency’ and ‘Business Efficiency’ where it is now in 43rd and 42nd place compared to 38th place in 2021. Portugal fell down in both sub-indicators ‘Tax Policy’ and ‘Management Practices’ where it came in 56th place.
The IMD said Portugal needed to do better in terms of sustainable economic growth above the European average, improving management quality with a national strategy promoting the financial literacy of its entrepreneurs, boosting its national strategy for digital and energy transformation to support the competitiveness of its companies, and adopting reforms in justice, health, education and social security, as well as a bringing down the national debt to sustainable levels, among others.