IMD’s World Competitiveness Index

World Competitiveness Index was compiled by Institute for Management Development (IMD) which examine the impact of COVID-19 on economies worldwide.

Key Points

• India was ranked at 43rd position among 64 countries.
• Switzerland has topped the list and is followed by Sweden (2^nd), Denmark (3^rd), Netherlands (4^th) and Singapore (5^th).
• Taiwan was ranked at 8^th position, reaching among top-10 for the first time in 33 years.
• UAE (9^th) and USA (10^th) maintains the same spots as in 2020.
• Top performing Asian economies include Singapore (5^th), Hong Kong (7^th), Taiwan (8^th) and China (16^th).

About IMD World Competitiveness Ranking

This index ranks 64 economies and assesses extent to which any country promotes prosperity of its people. This index started ranking countries 33 years ago by measuring countries well-being through hard data and survey responses from executives. It is released by IMD World Competitiveness Center.

BRICS Nations

Among BRICS, India (43^rd) is ranked second after China (16th). India is followed by Russia (45^th), Brazil (57^th) and South Africa (62^nd).

How India’s rank improved?

India witnessed improvements in government efficiency factor because of relatively stable public finances amid covid-19 pandemic. As per the report, qualities like investment in innovation, welfare benefits & leadership, digitalization have helped countries to get higher ranks.

Month: Current Affairs - June, 2021