Global Competitiveness Index

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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