The nation's global competitiveness ranking has fallen three notches to 22nd this year.

According to the report compiled by the World Economic Forum, the nation's competitiveness index dropped to 22nd place out of 139 countries this year.

It is the third straight year that the nation has fallen in the rankings since it finished in eleventh place in 2007.

South Korea received high marks in infrastructure and higher education, with its ranking in macroeconomics also rising to sixth this year from eleventh last year.

However, the nation was in the bottom ranks in transparency in policy implementation and regulations. The ranking in labor-management relations especially plunged to 138th this year from 131st.

Overall, Switzerland remained at the top of the list, followed by Sweden, Singapore and the United States.