On June 16, 2020, According to the World Competitiveness Index 2020, prepared by Switzerland-based Institute for Management and Development (IMD)’s World Competitiveness Center (WCC), the Indian economy remained at 43rd position. While Singapore continues to occupy the first place in the list due to its strong economic performance comes from robust international trade and investment, employment and labor market measures.
It includes 235 indicators and ranks among 63 countries every year.MD’s World Competitiveness Index has marked its 30th anniversary in 2019.
Here’s the list of top three countries in IMD’s competitive ranking 2020:
India in the ranking:
- Some of India’s traditional weaknesses in terms of competitive power, such as weak infrastructure and inadequate investment in education, still persist.
- India ranks next to China (20th rank) in the BRICS (Brazil, Russia, India, China and South Africa) nations, where Russia ranks 50th , Brazil 56th and South Africa 59th.
- Even though India’s Position remains unchanged in the 2020 list, it’s performance has improved in areas such as long-term employment growth, current account balances, long-term employment growth, high technology exports, foreign exchange reserves, public spending on education, political stability and total productivity.
- At the same time, India’s performance in areas like stability of foreign currency exchange rate, real gross domestic product (GDP) growth, competition law and taxes has been poor.
India’s rank in different categories:
Setbacks for some:
- In 2019, Denmark was ranked eighth and now it come in second place. Switzerland has climbed one place to third place. At the same time, America has also slipped from 3rd to 10th place.
- Of the ASEAN (Association of Southeast Asian Nations) countries polled, only Singapore and Thailand have performed positively in Healthcare Infrastructure.
About World Competitiveness Ranking:
This ranking has been given every year since 1989 by business schools in Switzerland and Singapore.
It takes into account a wide range of statistics such as unemployment, GDP and government spending on health and education.
About Institute for Management Development (IMD):
Headquarters– Lausanne, Switzerland
Chairman– Michel Demaré
Head of Competitiveness Center at IMD Business School– Arturo Bris