Switzerland is the world’s most globalized country

06 December 2023 12:15

Zurich CCGreater Zurich

Zurich - Switzerland is the most globalized country in the world. This is the result of the Globalisation Index 2021 published by the KOF Swiss Economic Institute at the Swiss Federal Institute of Technology in Zurich. Economic globalization is recovering, while social globalization has not fully recovered from the pandemic.

The KOF has compiled its Globalization Index for 2021. The index, which differentiates between economic, social and political globalization, is now available for 195 countries between the years 1970 to 2021. Switzerland ranked top, making it the most globalized country in the world, according to a statement from KOF. Switzerland's strong position can be attributed to its high exports and imports, its influential role in the global financial sector, and the presence of numerous international organizations in the country.

In second and third place are the Netherlands and Belgium. The statement explains that small countries such as those ranked in the top three often have more links to neighbouring countries and large economies, and are therefore more highly integrated into the global economy.

In contrast, large economies reveal different patterns of globalization. The USA, for example, is less globalized economically, but more globalized politically. China, on the other hand, is a major political player on the world stage, but is further behind in terms of economic and social globalization.

Sweden, the UK, Austria, Germany, Denmark, Finland and France come next in the rankings. According to KOF, their place in the top ten is largely due to the economic, social and political interdependence of member states within the EU. Developing and emerging countries such as Albania, Rwanda and Georgia are climbing up the globalization rankings.

Overall, the index recovered slightly after the sharp decline in 2020 due to the pandemic, but it remains below its 2019 level. The degree of political globalization, however, increased. The globalization index uses 42 variables, which are weighted differently. ce/mm

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