South Korea's global competitiveness moved up two notches to 27th place in an annual ranking released by the Swiss-based International Institute for Management Development(IMD) on Wednesday. 

The World Competitiveness Ranking assessed 63 countries. Among the 29 countries with a population of more than 20-million, Korea ranked tenth. 

Korea placed 20th in economic performances, 18th in infrastructure and 43rd in corporate efficiency, which all made improvements from the previous year. However, government efficiency fell a notch to 29th. 

The IMD said Korea's competitiveness has strengthened through stable growth and expansion of infrastructure in core fields such as technology, science and education, though structural issues and regulations within the labor market and bureaucracy hinder Korea from scoring better. 

It advised that Korea better manage its risks, create jobs for its youth, move on with corporate reforms, and improve the distribution issue and economic stability.

Among other countries, the U.S. ranked first, rising three notches, while Hong Kong fell one notch to second place, and Singapore remained at third. China jumped up five notches to 13th, ranking higher than Germany at 15th, the UK at 20th, and Japan at 25th.