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Indonesia Ranked Third Among Asia's 20 Most Competitive Countries

15 April 2024 12:57 WIB

TEMPO.CO, JakartaIndonesia has secured the third spot among the top 20 most competitive countries in Asia to attract investors, based on research conducted by the financial and investment site, Insider Monkey 2024.

The institution published the list based on the global competitiveness ranking issued by the Switzerland-based International Institute for Management Development (IMD). 

The key factors examined in this ranking were economic performance, government efficiency, business efficiency, and infrastructure. From the IMD list, the researchers sorted countries based on the Gross Domestic Product (GDP) growth rate (2024) as the primary metric and the GDP per capita growth rate (2024) as the secondary metric. The GDP growth rate and GDP per capita growth rate were sourced from the International Monetary Fund (IMF).

Indonesia secured its place in third with a GDP growth rate of 5%, a GDP per capita growth rate (2024) of 7.83%, and a competitiveness score of 70.75. Indonesia ranks below the Philippines, which has a GDP growth rate of 5.9%, a GDP per capita growth rate of 8.03%, and a competitiveness score of 54.14.

India secured the first position with a GDP growth rate of 6.3%, a GDP per capita growth rate of 9.0%, and a competitiveness score of 64.63.

China, a global economic giant, ranked seventh with a GDP growth rate of 4.2%, a GDP per capita growth rate of 4.9%, and a competitiveness score of 82.1, lagging behind Malaysia, which secured a place in the top 5 with a GDP growth rate of 4.3%, a GDP per capita growth rate of 6.75%, and a competitiveness score of 75.75 out of 100.

Here is the list of the top 20 most competitive countries in Asia:

Countries

GDP (%)

GDP Per Capita Growth Rate (%)

Competitiveness Score

1

India

6.3

9.0

64.63

2

Philippines

5.9

8.03

54.14

3

Indonesia

5

7.83

70.75

4

Mongolia

4.5

2.65

35.56

5

Malaysia

4.3

6.75

82.1

6

Kazakhstan

4.2

11.01

66.1

7

Cina

4.2

4.9

82.1

8

United Arab Emirates

4

3.57

90.52

9

Saudi Arabia

4

1.71

88.06

10

Kuwait

3.6

2.54

65.59

11

Bahrain

3.6

2.17

72.82

12

Thailand

3.2

5.94

74.54

13

Turkiye

3

14.83

55.64

14

Taiwan

3

5.28

93.11

15

Israel

3

1.62

78.84

16

Hong Kong

2.9

5.69

92.05

17

Jordan

2.7

5.18

52.82

18

South Korea 

2.2

4.54

75.71

19

Qatar

2.2

3.58

89.72

20

Singapore

2.1

4.37

97.44

YUDONO YANUAR

Editor's Choice: The Top 10 Powerful Countries in the World in 2024

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