The USA topped the list, followed by Singapore and Germany at the second and the third positions respectively.
World Economic Forum in its Global Competitiveness Index for 2018 has placed India at 58th position in a list of 140 countries. The USA topped the list, followed by Singapore and Germany at the second and the third positions respectively.
India’s rank rose by five places from 2017, the largest gain among G20 economies, the WEF report said. India was ranked 58th with a score of 62.0 in the latest Global Competitiveness Report. “This is the largest gain among all G20 economies,” WEF said.
China is the most competitive, ranking 28th and with a score of 72.6. Russian Federation is ranked 43rd.
The report said 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.
“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,” the report said.
As per WEF, India remained the “South Asia’s main driving force.”
Other countries, which have found place in the top 10 include, Switzerland (4th), Japan (5th), Netherlands (6th), Hong Kong (7th), United Kingdom (8th), Sweden (9th) and Denmark (10th).
The report observes India’s greatest competitive advantages are in terms of its market size, innovation (in particular the quality of its research establishments and business dynamism (including the number of disruptive businesses).
The Forum called upon the country to make improvements in a few areas, which include labour market (in particular workers rights), product market (in particular trade tariffs) and skills (in particular pupil-teacher ratio).
Source: WEF & other media reports