The Ministry of Economy and Finance on June 16 said the Switzerland-based International Institute for Management Development ranked Korea 23rd on its list this year of world competitiveness rankings, up five spots from last year's, adding that the country's active efforts to contain the pandemic and stimulate economic recovery played a positive role. The photo above shows containers on May 1 being loaded at the Port of Busan.

The Ministry of Economy and Finance on June 16 announced that the Switzerland-based International Institute for Management Development (IMD) ranked Korea 23rd in this year's world competitiveness rankings, up five spots from last year's.

This is Korea's largest jump on the list since 2000 and just short of the nation's highest place of 22nd since the IMD started the rankings in 1989. Korea ranked 22nd from 2011-13.

Based on its evaluation, Korea showed improvement or maintained its rankings in the categories of economy, government efficiency, business efficiency and infrastructure to display overall advancement.

The country is a member of the so-called 30-50 club, a group of seven nations each with a population of at least 50 million and average per capita income of USD 30,000 or higher. Among members of this group, Korea ranked fourth ahead of France (32nd on the IMD list), Japan (34th) and Italy (44th).

The ministry said the Korean government's thorough efforts for quarantine against the coronavirus pandemic and economic recovery minimized negative effects and played a positive role in the higher IMD ranking.

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki on Facebook wrote, "Our recent efforts toward quarantine and economic response to the COVID-19 crisis are partially reflected (in the ranking)."