The IMD World Competitiveness Yearbook (WCY), which was first published in 1989, is a comprehensive annual report and global reference point on country competitiveness. It examines and ranks countries based on how they manage their skills to create long-term value known as the global competitiveness index.
Factors: It examines the four factors (334 competitiveness criteria) to assess a country’s wealth and competitiveness.
- Economic performance
- Government efficiency
- Business efficiency
- Infrastructure
Global Competitiveness Index 2020
Global Top Performers
- Europe: Denmark has risen to the top of the 63-nation list from third place last year, while Switzerland has dropped from first to second and Singapore has risen from fifth to third.
- Asia’s top performers are Singapore (3rd), Hong Kong (5th), Taiwan (7th), China (17th), and Australia (19th).
- Others: Due to the poor trustworthiness of data collected, Russia and Ukraine were not examined in this year’s edition.
The Performance of India
- Economic performance: It has risen from 37th place in 2021 to 28th place in 2022.
- The government’s efficiency has risen from 46th in 2021 to 45th in 2022.
- Business efficiency: It rose from 32nd place in 2021 to 23rd place in 2022.
- Infrastructure, on the other hand, remained unchanged at 49.
Reasons for India’s Outstanding Performance
- Significant advancements in the subject of retrospective taxes in 2021
- Re-regulation of several industries, including drones, space, and geospatial mapping.
- Significant improvement in the Indian economy’s competitiveness
- India’s role as a driving force in the global drive to combat climate change, as well as India’s pledge of net-zero emissions by 2070 at the COP26 summit, are in line with its ranking strength in environment-related technology.
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