Global Competitive Index, 2019
- India has slipped 10 spots to rank 68th in the annual global competitiveness index as several other economies in the world climbed up on the list by improving their economic and business activities.
- Last year India was ranked 58th in the annual Global Competitive Index.
- Singapore has replaced the United States as the world’s most competitive economy.
- This year India is among the worst-performing BRICS(Brazil, Russia, India, China and South Africa) nations along with Brazil, which has secured 71st rank this time.
- India’s rank was as high as 15th in terms of corporate governance and ranks second in the world for shareholder governance.
- India also ranked third in terms of market size and renewable energy regulation.
- India’s rank is high in terms of macroeconomic stability and market size but added that the banking system has been affected by a high delinquency rate.
- Singapore replaced the United States as the world’s most competitive economy. Hong Kong SAR came in at 3rd position while Netherlands was ranked 4th and Switzerland at 5th spot.
Global competitive Index
- The Global Competitiveness Index (GCI), launched in 1979, has been mapping the competitiveness landscape of 141 economies through 103 indicators organised into 12 pillars like Institutions, Infrastructure, ICT adoption, Macroeconomic stability, Health, Skills, Product market, Labour market, Financial system, Market size, Business dynamism, and Innovation capability.
- The Global Competitiveness Report is a yearly report published by the World Economic Forum.
Global Competitiveness Index 2019: Top 10 countries
1) Singapore : Rank : 84.8
2) United States : Rank: 83.7
3) Hong Kong : Rank 83.1
4) Netherlands : Rank 82.4
5) Switzerland : Rank 82.3
6) Japan : Rank 82.3
7) Germany : Rank 81.8
8) Sweden : Rank81.2
9) United Kingdom : Rank 81.2
10) Denmark : Rank 81.2