India Rank 43rd World Competitiveness Index

21 June 2021 Current Affairs:According to the World Competitiveness Yearbook (WCY), India remains 43rd in the annual World Competitiveness Index. The World Competitiveness Index is a comprehensive annual report and a global reference point for the competitiveness of countries.

♦ WCY was first published in 1989 and compiled by the Institute for Management Development (IMD). 
♦ IMD studied the impact of Covid-19 on the global economy in 2021. 
♦ It covers a wide range of 64 economies.
Factors: It examines four factors (334 competitiveness criteria) to assess a country’s prosperity and competitiveness.
♦ Economic performance
♦ Government efficiency
♦ Business efficiency
♦ Infrastructure
♦ Top Global Performers:
♦ Europe: European countries show their regional strength in the world competitiveness rankings, Switzerland (1st), Sweden (2nd), Denmark (3rd), and the Netherlands (4th).
♦ Asia: The best performing economies in Asia are Singapore (5th ), Hong Kong (7th), Taiwan (8th), and China (16th).
♦ Singapore ranks first in the 2020 World Competitiveness Index. o 
♦ Others: The UAE and the United States maintain the same positions as last year (9th and 10th respectively).

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