India has slipped three places in the latest world competitiveness ranking released by the International Institute for Management Development (IMD). The country is ranked 40th this year– which is better than 43rd in 2019-21. According to the World Competitiveness Center (WCC) of IMD reportsGovernment efficiency has increased but business efficiency, infrastructure and economic performance still lag behind.
Meanwhile, the report highlights the challenges that the country may face in the current year.
It summarized that maintaining high GDP growth, managing financial market volatility and controlling inflation and fiscal deficit would be the challenging points for the Modi government.
top 3 countries
Denmark, Ireland and Switzerland have been named among the top three of 64 economies measured for global competitiveness in the 2023 IMD World Competitiveness Rankings, published by the World Competitiveness Center for the 35th consecutive year.
Denmark has held on to first place compared to last year, when it first topped the list, Ireland made a remarkable jump from 11th to second, and Switzerland, after slipping from second and first in 2022 Maintained its hold on third place. place in 2021. All three are small economies that make good use of their access to markets and trading partners – as does Singapore, which ranked fourth.
ranking factors
Denmark’s top position is based on its consistent achievements in all four competitiveness factors. It remains first in business efficiency and second in infrastructure, and shows slightly better results in government efficiency, moving from sixth to fifth. Another factor measured in the ranking is economic performance. Ireland’s rapid rise is largely the result of its stellar performance in this factor, where it rose from seventh to first.
Switzerland retained the third place thanks to its strong performance in all factors of competitiveness. It ranks first in government efficiency and infrastructure, seventh in business efficiency (down from fourth), and improved economic performance (up from 30th to 18th).
WCC Director, IMD Professor Arturo Bris said, “A country’s ability to create prosperity for its people is a key determinant of success. This is not what China does yet and it is not what the US has yet Totally does.”
Why are WCC rankings considered important?
The ranking is a valuable tool for evaluating highly contrasting business environments, supporting international investment decisions, and assessing the impact of various public policies. It serves managers and policy makers alike and is an indicator of the quality of life in each country it evaluates, for which it relies on the support of a network of 57 local partner institutions.
It is based on a mix of hard data – 164 competitiveness criteria selected as a result of extensive research using the economic literature, international, national and regional sources, as well as feedback from the business community, government agencies and academia – and answered 92 survey questions went. 6,400 by senior officers.