The Global Competitiveness Index 2019 (Also called The Global Competitiveness Index 4.0) , prepared by the World Economic Forum, points a gloomy picture about the status of world economy. With a score of 84.8 (+1.3), Singapore is the world’s most competitive economy in 2019, overtaking the United States, which falls to second place. Hong Kong SAR (3rd), Netherlands (4th) and Switzerland (5th) round up the top five.
The Global Competitiveness Index 4.0
Introduced in 2018, the GCI 4.0 provides a detailed map of the factors and attributes that drive productivity, growth and human development in the era of the Fourth Industrial Revolution. The 2019 edition covers 141 economies, which account for 99% of the world’s GDP.
12 Pillars of the Ranking
- ICT adoption
- Macroeconomic stability
- Product market
- Labour market
- Financial system
- Market size
- Business dynamism
- Innovation capability
2019 Global Competitiveness Index 4.0
- Singapore (Score: 84.8)
- United States (83.7)
- Hong Kong SAR (83.1)
- Netherlands (82.4)
- Switzerland (82.3)
- Japan (82.3)
- Germany (81.8)
- Sweden (81.2)
- United Kingdom (81.2)
- Denmark (81.2)
68. India (61.4)
India’s ranking in the 2019 index dropped by 10 notches. ranked 68th in the latest index, India’s ranking fell in eight out of 12 parameters.
India’s ranking bin the 2019 index fall not because its performance has dropped from the previous years. Despite a relatively stable score across all the parameters, India’s ranking has dropped because other countries have significantly improved its performance.
- India ranks below 100 on five parameters
- In just four parameters, it could enter the top 50
- India performs well when it comes to innovation (35)
- it also ranks high on macroeconomic stability (43) and market size (3)
- India’s performance on various aspects of governance (59) is less than satisfactory.
- On transport (28) and electricity (103) its rankings have improved significantly, but through from a low base
How India’s Neighboring Countries Perform
In South Asia, India is followed by Sri Lanka (84), Bangladesh (105), Nepal (108) and Pakistan (110). India trails China by 40 places and 14 points even though China’s position remained unchanged from last year’s survey at 28.
Read the Original Report Here.