Korea’s global competitiveness ranking fell by four notches this year as government and business efficiency received lower points than in the previous year, an international institute said Thursday.

According to the 2014 report by the International Institute for Management Development, Korea ranked 26th in terms of global competitiveness among 60 countries surveyed.

This marked the first time in four years that the country’s ranking fell. Korea had stayed at 22nd for the past three years after it dropped by a notch in 2011.

IMD is a Swiss-based institute that releases competitiveness rankings every year based on economic achievements, infrastructure, and government and corporate efficiency. It has been issuing the report since 1997.

The United States topped the list in terms of global competitiveness for the second straight year, followed by Switzerland and Singapore.

Among Asian countries, Japan’s ranking rose from 24th to 21st, while China and Taiwan came in 23rd and 13th, respectively, down from the previous year’s 21st and 11th.