The World Competitiveness Index (WPI) was compiled by Institute for Management Development which examine the impact of COVID-19 Pandemic on economies worldwide.
- In this Index, India was ranked at 43rd position among 64 countries.
- Switzerland has topped the list and is followed by Sweden at 2nd, Denmark at 3rd, Netherlands at 4th and Singapore at 5th.
- Taiwan was also ranked at 8th position, reaching among top-10 for the first time in 33 years.
- United Arab Emirates at 9th and The United States at 10th maintains the same spots as in the year 2020.
- Top performing Asian economies include Singapore at 5th, Hong Kong at 7th and China at 16th.
IMD World Competitiveness Ranking
The World Competitiveness Ranking index ranks 64 economies and assesses extent to which any country promotes prosperity of its people. This index started ranking countries 33 years ago by measuring countries well-being through hard data and survey responses from executives. It is released by IMD World Competitiveness Center.
Among BRICS, India (43rd) is ranked second after China (16th). India is followed by Russia (45th), Brazil (57th) and South Africa (62nd).
How India’s rank improved?
India witnessed improvements in government efficiency factor because of relatively stable public finances amid covid-19. According to report, qualities like investment in innovation, welfare benefits & leadership, digitalization have helped countries to get higher ranks.
World Competitiveness Index 2021 World Competitiveness Index 2021