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World Competitiveness Index 2022

Context:

Recently, the annual World Competitiveness Index was released by the Institute for Management Development (IMD).

  • IMD is a Swiss foundation, based in Switzerland, dedicated to the development of international business executives at each stage of their careers

Relevance:

GS III- Indian Economy

Dimensions of the Article:

  1. World Competitiveness Yearbook (WCY)
  2. Highlights of the Index
  3. India’s Performance

World Competitiveness Index:

  • The World Competitiveness Index is a comprehensive annual report and worldwide reference point on the competitiveness of countries.
  • WCY was first published in 1989 and is compiled by the Institute for Management Development (IMD).
  • It provides extensive coverage of 64 economies.
  • It measures the prosperity and competitiveness of countries by examining four factors (334 competitiveness criteria):
    • Economic performance
    • Government efficiency
    • Business efficiency
    • Infrastructure

Highlights of the Index

  • Europe: Denmark has moved to the top of the 63-nation list from the third position last year, while Switzerland slipped from the top ranking to the second position and Singapore regained the third spot from fifth.
  • Asia: The top-performing Asian economies are Singapore (3th), Hong Kong (5th), Taiwan (7th), China (17th) and Australia (19th).
  • Others: Due to the poor reliability of the data obtained, neither Russia nor Ukraine were appraised in this year’s edition.

India’s Performance:

  • India has witnessed the sharpest rise among the Asian economies, with a six-position jump from 43rd to 37th rank on the, largely due to gains in economic performance.
  • Performance on four Parameters:
    • Economic performance: It has improved from 37th in 2021 to 28th in 2022.
    • Government efficiency: It has improved from 46th in 2021 to 45th in 2022.
    • Business efficiency: It saw a huge improvement from 32nd rank in 2021 to 23rd in 2022.
    • Infrastructure: It on the other hand, saw no change at 49.

-Source: The Hindu


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