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India jumps 5 places to rank 58th most competitive economy on WEF index
Oct-17-2018

The World Economic Forum (WEF) in its latest Global Competitiveness Report for 2018 has ranked India the 58th most competitive economy. As per the report, India's rank rose by five places from 2017, the largest gain among G20 economies. India recorded a score of 62.0 in the Global Competitiveness Report.  According to the report, the top performers in the upper and lower middle-income brackets, such as China and India, are catching up with or even outperforming the average among high-income economies. The report stated that China, is already more advanced when it comes to investing in research and development sub-pillar than the average high-income economy, while India is not far behind and let down only by its less-efficient bureaucracy for business creation and insolvency.

India remained the South Asia's main driving force. India leads the region in all other areas of competitiveness except for health, education and skills, where Sri Lanka boasts the highest healthy life expectancy (67.8 years) and the workforce with the highest amount of schooling (9.8 years). The WEF in report said India's greatest competitive advantages include its market size, innovation (in particular the quality of its research establishments and business dynamism (including the number of disruptive businesses). While the areas that the country needs to improve include, labour market (in particular workers rights), product market (in particular trade tariffs) and skills (in particular pupil-teacher ratio).

On the list of 140 economies, the index was topped by the US, while Singapore and Germany were at the second and the third positions respectively. Other countries in the top 10 include Switzerland (4th), Japan (5th), Netherlands (6th), Hong Kong (7th), United Kingdom (8th), Sweden (9th) and Denmark (10th). Among the BRICS economies, China topped the list at 28th place with a score of 72.6, ahead of the Russian Federation (65.6, 43rd), India (62.0, 58th), South Africa (60.8, 67th), and Brazil (59.5, 72nd).

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