Switzerland tops ranking, India ranked 43rd


0



India maintained its 43rd rank on the World Competitiveness Index 2021, compiled by the Institute for Management Development (IMD). Switzerland topped the 2021 rankings, followed by Sweden at 2nd place.

World Competitiveness Rankings List comprises a total of 64 nations. Innovation, digitalization, welfare benefits, and social cohesion were key to economic performance in the 2021 rankings.

While Denmark moved one spot down to the 3rd rank, the Netherlands retained its 4th place and Singapore slipped to the fifth place from its top ranking in 2020. 

The countries were ranked on the basis of four key factors:

1. Economic Performance
2. Government Efficiency
3. Business Efficiency
4. Infrastructure

India’s performance based on these four factors in past 5 years

Factors

2017

2018

2019

2020

2021

Economic Performance 18 21 24 37 37
Government Efficiency 48 50 46 50 46
Business Efficiency 29 29 30 32 32
Infrastructure 60 56 55 49 49

 

India’s overall ranking in World Competitiveness Index 

2017 2018 2019 2020 2021
45 44 43 43 43

• According to IMD, India has maintained its position for the past three years but this year, it showed significant improvements in government efficiency and this can be a result of relatively stable public finances despite difficulties brought by the pandemic.

• It can also be a result of the positive feedbacks registered among Indian business executives with respect to the support and subsidies provided by the government to the private companies.

• The short-term performance of India’s economy will, however, depend on its ability to address the pandemic.

Top-performing Asian economies

1. Singapore (5th)
2. Hong Kong (7th)
3. Taiwan (8th)
4. China (16th)

Note: Taiwan entered the top 10 rankings for the first time since the ranking began 33 years ago. It was ranked 11th in 2020. 

BRICS Nations Ranking

1. China (16th)
2. India (43rd)
3. Russia (45th
4. Brazil (57th)
5. South Africa (62nd)

World Competitiveness Index 2021: Top 20 Countries

2021 Ranking

Country

2020 Ranking

1

Switzerland

3

2

Sweden

6

3

Denmark

2

4

Netherlands

4

5

Singapore

1

6

Norway

7

7

Hong Kong SAR

5

8

Taiwan, China

11

9

UAE

9

10

USA

10

11

Finland

13

12

Luxembourg

15

13

Ireland

12

14

Canada

8

15

Germany

17

16

China

20

17

Qatar

14

18

United Kingdom

19

19

Austria

16

20

New Zealand

22

World Competitiveness Index 2021: Key Findings

• The report notes that qualities such as investment in innovation, digitalisation, welfare benefits and leadership, resulting in social cohesion have helped countries better weather the crisis and thus ranked higher in competitiveness.

• The top-performing economies are characterised by varying degrees of investment in innovation, supportive public policy and diversified economic activities.

• The report stated that strength in these areas prior to the pandemic allowed these economies to address the economic implications of the crisis more effectively.

• Further, it said that the competitive economies succeeded in transitioning to a remote work routine while also allowing remote learning. It added that addressing unemployment has been fundamental, 

• The report also pointed out that the countries that ensured the effectiveness of key public spending, such as public finance, tax policy and business legislation, are seen as essential policies to relieve the pressure on the economies hit by COVID-19.

Background 

The IMD World Competitiveness Ranking ranks 64 economies and assesses the extent to which the country promotes the prosperity of its people by not only measuring economic well-being through hard data but also through survey responses from executives. This year’s rankings expose the economic impact of the pandemic across the globe.



Source link

admin
Author: admin


Like it? Share with your friends!

0
admin

Corona Update

Live Update

%d bloggers like this: