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World Competitiveness Index 2021

  • IASbaba
  • June 19, 2021
  • 0
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World Competitiveness Index 2021

Part of: GS Prelims and  GS -III – Economy 

In news

  • According to the World Competitiveness Yearbook (WCY), India maintained 43rd rank on the annual World Competitiveness Index.
    • The World Competitiveness Index is a comprehensive annual report on the competitiveness of countries.
  • Compiled by: Institute for Management Development (IMD). 
  • It examined the impact of COVID-19 on economies around the world this year. 
  • It measures the prosperity and competitiveness of countries by examining four factors (334 competitiveness criteria):
    • Economic performance
    • Government efficiency
    • Business efficiency
    • Infrastructure

Key analysis by the report 

  • Many Countries succeeded in transitioning to a remote work routine while also allowing remote learning. 
  • Addressing unemployment has been fundamental.

Rankings

  • Top countries: Switzerland (1st), Sweden (2nd), Denmark (3rd), the Netherlands (4th).
  • The top-performing Asian economies: Singapore (5th), Hong Kong (7th), Taiwan (8th) and China (16th).

India’s Performance

  • India has maintained its position for the past three years. 
  • This year, it had significant improvements in government efficiency
  • India performed better in investments in telecoms (1st), mobile telephone costs (1st), ICT services exports (3rd), remuneration in services professions (4th) and terms of trade index (5th).
  • India’s Performance was worst in broadband subscribers (64th), exposure to particulate pollution (64th), human development index (64th), GDP per capita (63rd) 

Recent Steps Taken by India to Increase its Competitiveness 

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