Global Competitiveness Index: In the latest global competitiveness ranking published by International Institute for Management development(IMD) for year 2023 , Singapore has dropped one spot to be ranked fourth. The annual report was revelated last week ranking countries utilizes surveys, statistical data and trends to benchmark competitiveness. Singapore is the highest ranked Asian Nation ahead of Taiwan, Hong Kong and United Arab Emirates (UAE). For this years rankings Denmark, Ireland and Switzerland took up the top three places. Netherlands ranked fifth followed by, Taiwan, Hong Kong, Sweden, USA and UAE making up rest of Top 10. India has ranked 40th in the list of 64 economies.
Ranking the countries
The IMD World Competitiveness Yearbook (WYC) was first published in year 1989 and serves as a comprehensive world report and worldwide reference point on annual competitiveness of countries. The report is based on 336 competitiveness criteria which analyses economic capability, government competence, business efficiency and state of infrastructure. Feedback from business communities, government agencies and academics are significant to research. The report also utilizes 94 survey questions answered by a total of 6400 senior executives. The criteria to rank countries is regularly updated based on new theories, data and research as global political economy continues to evolve. In this year’s report Ireland made the most significant improvement by jumping 9 places from rank 11 last year to second position this year.
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Humble leaps in indicators for India
India fell 3 places to be ranked 40th but is placed better than its 2019-2021 ranking of 43. The country showed improvement in business efficiency but had little progress compared to others in business efficiency, infrastructure and economic performance. The top three most healthy indicators of India are its exchange rate stability, strides in pollution control and compensation levels. The report also states that maintaining high GDP growth rate, coping with financial market volatility, accelerating digital transforamtion, controlling fiscal deficit and inflation will be the biggest challenges for India in year 2023.
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