Illustrative photo (Source: nwnt.prd.go.th)

Bangkok (VNA/NNT) - Thailand has been ranked the world’s 27th most competitive nation, up from last year's ranking, according to the International Institute of Management Development (IMD).

Many countries around the world have been pushing to improve their ranking, which is published in the IMD World Competitiveness Report.

Hong Kong remained the world’s most competitive nation for the second year in a row, followed by Switzerland and Singapore. The United States dropped one spot to 4th place, while the Netherlands climbed three spots to 5th place this year.

Thailand’s competitiveness also improved, as the country rose from the world’s 28th most competitive nation last year to the 27th this year. The IMD World Competitiveness Center, which is located in Switzerland, first launched its report in 1989.

Cyprus and Egypt are two new additions to the report this year, bringing the total number of nations in the report to 63.-VNA/NNT