Good news for India — it has moved one notch higher in terms of competitiveness in the annual rankings. It is now at the 44th place in the rankings compiled by International Institute for Management Development (IMD).
The US acquired the top spot on the list
INDIA’S POSITION ON IMD’S COMPETITIVENESS RANKING
This year, though India has moved up to the 44th position worldwide, up one rank from last year, it is ranked the 12th most competitive economy out of the 14 Asian countries on the list.
Regarding India, the report said: Some of the challenges which India has to face for the year 2018 would be skilling of manpower and employment generation, streamlining the implementation of goods and services tax and balancing high growth with sustainable development goals.
The report further noted that “digital literacy and adequate bandwidth at rural areas and mobilisation of resources for infrastructure development needs are few more key areas where the government needs to concentrate”.
TOP 10 COUNTRIES ON THE LIST: US IS THE MOST COMPETITIVE IN THE WORLD
The US became the most competitive economy globally driven by its strength in economic performance and infrastructure. While Hong Kong got the second place on the list, the third spot was seized by Singapore.
Meanwhile, China (13th) continued with its steady rise in rankings over the past five years, climbing 10 spots since 2014, fuelled by a strong economic performance of its domestic market and workforce employment.
The top 10 countries on IMD’s list are as follows:
- Hong Kong
The IMD World Competitiveness Center, a research group at IMD business school in Switzerland, has published the rankings every year since 1989. This year 63 countries are ranked with Cyprus and Saudi Arabia making their first appearance.
Countries at the top of the rankings share an above average performance across all competitiveness factors, but their competitiveness mix varies said Arturo Bris, Director of the IMD World Competitiveness Center.
He further added, “One economy, for example, may build its competitiveness strategy around a particular aspect such as its tangible and intangible infrastructure; another may approach competitiveness through their governmental efficiency.”
Read More at: https://www.indiatoday.in/education-today/gk-current-affairs/story/while-gst-implementation-remains-a-challenge-india-ranks-up-one-spot-to-44th-most-competitive-economy-in-the-world-1240432-2018-05-24