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:
- World Competitiveness Yearbook (WCY)
- Highlights of the Index
- 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
