In the midst of rapid technological
change, political polarization and a fragile economic recovery around the
world, the latest global competitiveness
report signals a positive upswing for
Indian economy.
According to the World Economic Forum’s
(WEF) Global Competitiveness Index 2018, India has been positioned as the
58th most competitive economy globally with a marked jump of 5 places in just a
year since 2017, marking the best jump among all the G20 nations.
The report said that India’s greatest
competitive advantages include its market size, innovation, and business
dynamism. However, India needs to improve in areas such as its labour market
(particularly concerning workers’ rights), product market, and skills.
The index covers 140 nations and it
measures national competitiveness. The United States ranked number one again
with a score of 85.6 out of 100, with its strengths including business
dynamism, labour market, and the financial system.
Singapore, in the second spot closely
followed the US, maintained its competitiveness due to policies that
promoted openness, which is a key driver for its economic success. Germany, in
third place, scored highly on its macroeconomic stability but was held back due
to slow adoption of IT.
Other countries in the top
10 include Switzerland (4th), Japan (5th), Netherlands (6th), Hong Kong
(7th), United Kingdom (8th), Sweden (9th), and Denmark (10th).
According to the report, the top
performers in the upper and lower middle-income brackets, such as China and
India, are catching up with or even outperforming the average among high-income
economies.
Among the BRICS economies, China topped
the list at 28th place with a score of 72.6, ahead of the Russian Federation
(65.6, 43rd), India (62.0, 58th), South Africa (60.8, 67th), and Brazil (59.5,
72nd).
India, however, remained the
"South Asia's main driving force".
Latin Manharlal Group
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