The Global Competitiveness Index And Its Role In Evaluating Economic Competitiveness – New Delhi, June 15 (Post Bureau)- In the annual Global Competitiveness Index compiled by the Institute of Management Development, India has jumped six places to rank 37 from 43rd, the fastest among Asian economies, mainly due to economic. area. implementation
A global study showed on Wednesday that Denmark rose to the top of the 63-nation list from third last year, while Switzerland slipped from first to second and Singapore from fifth to third.
The Global Competitiveness Index And Its Role In Evaluating Economic Competitiveness
The top 10 includes Sweden in fourth place, followed by Hong Kong SAR (5th), the Netherlands (6th), Taiwan (7th), Finland (8th), Norway (9th) and the USA (10th).
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Meanwhile, the top performing Asian economies are Singapore (3rd), Hong Kong (5th), Taiwan (7th), China (17th) and Australia (19th).
After a steady but stagnant five years, 2022 saw a significant improvement in the competitiveness of the Indian economy, the IMD said, mainly due to gains in economic performance (from 37 to 28).
The Institute of Management Development (IMD) noted that the domestic economy experienced a high level of growth from 30th place to 9th place in one year.
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The labor market, a key sub-factor in the measure of business effectiveness, fell from 15th to 6th place, while management practices and business attitudes and values also made big jumps.
“Prime Minister Narendra Modi has made significant reforms in terms of tax provisions for 2021, India has restored the confidence of the business community. Its re-regulation in various sectors, including drones, space and geospatial mapping. , likely played a role in the country’s strong performance in the 2022 WCR,” said economists at the IMD Center for Global Competitiveness.
India is also a driving force in the global movement to combat climate change, and Modi’s commitment to net zero by 2070 at the COP26 summit in November 2021 is in line with its strength in environmentally-related technologies in the ranking .
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Challenges facing India include managing trade barriers and energy security, sustaining high GDP growth post-pandemic, skill development and employment generation, asset monetization and resource mobilization for infrastructure development.
The top five attractive factors of India’s economy for business are – skilled workforce, cost competitiveness, dynamism of the economy, high level of education and open and positive attitude.
The IMD World Competitiveness Ranking (WCR) found that inflationary pressures are affecting the competitiveness of national economies alongside Covid and Russia’s invasion of Ukraine.
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The three most important trends affecting business in 2022 are inflationary pressures (50%), geopolitical conflicts (49%) and supply chain disruptions (48%), with Covid fourth (43%).
“Other global challenges affecting countries’ competitiveness include variations of Covid-19 in relation to the number of people infected worldwide, different national policies to deal with Covid (a ‘zero tolerance’ policy versus promotion) and the invasion of Russia of Ukraine”. Meanwhile, China fell one place this year, reversing its strong upward trend of recent years, pointing to a poor economic recovery made worse by its zero-Covid strategy.
China improved its business efficiency, especially productivity, and increased the growth rate of real GDP over the past year.
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“In the future, China must restructure the economy from manufacturing to high-value services and from investment to consumption. It must also build an integrated national market to enhance long-term economic prosperity, and it will only achieve its socio-economic development goals by using a macroeconomic policy mix,” explain economists at IMD’s WCC.
Switzerland and Singapore’s IMD Business School have released the Global Competitiveness Ranking 2022. Its think tank, the IMD Global Competitiveness Center, ranks 63 economies and assesses the extent to which a country promotes the well-being of its people by measuring economic well-being through hard data and responses to inquiries by officials.
#India #Russia #Ukraine #China #Narendra Modi #USA #IMD #Australia #Singapore #Europe #Norway #Sweden #Denmark #Finland #GDP Growth #Asian Countries #Global Competitiveness Index #WCI #India 37th in IMDx Global Competitiveness Index position #World economies #Switzerland #Hong Kong #Netherlands #Institute for Management Development #COP26 summit #World Competitiveness Ranking It scored 84.8 out of a possible 100, surpassing the United States for first place in the ranking of 141 economies.
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“Singapore is improving from an already high base,” the World Economic Forum said on Wednesday (Oct 9), adding that the country ranked first for infrastructure – one of the index’s 12 assessment pillars.
Singapore was also No. 1 for two other pillars of the index – healthy life expectancy and labor markets.
Trade and Industry Minister Chan Chun Sing said on Facebook that the ranking was encouraging as it shows that strong economic fundamentals continue to differentiate Singapore from its competitors.
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“We must continue to build on our strong core foundations, improve our business capabilities, transform our industries and ensure our workforce is equipped with the right skills to remain competitive.”
The report noted that Singapore also scored well due to its financial system, market efficiency and macroeconomic stability.
“Singapore ranks second only to Finland for the quality of public institutions, but its performance is undermined by limited checks and balances,” the report said.
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“Singapore ranks 124th in Freedom of the Press Index – and lacks commitment to sustainability”.
Singapore should promote entrepreneurship and further improve its skills base to become a global innovation hub, the report says.
“Despite weak overall performance this year, the U.S. remains one of the world’s most competitive economies. It remains a driver of innovation, ranking second on the innovation capability and entrepreneurial dynamism pillar. It ranks first in… and has one of the most dynamic financial systems in the world.”
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The report said the region ranked first in four pillars – macroeconomic stability, health, financial system and product markets – the highest of any economy.
“Hong Kong’s biggest weakness is undoubtedly its limited ability to innovate,” the report said, adding that the region also lags behind Singapore when it comes to worker safety.
The Netherlands and Switzerland are among the top five most competitive economies. The Netherlands jumped two places to fourth, while Switzerland fell one place to fifth.
World Competitiveness Ranking 2023
The Global Competitiveness Report series began in 1979 to provide an annual assessment of productivity and the drivers of long-term economic growth. In the long run, a country’s economic fortunes are the result of proactive choices. The Global Competitiveness Index 4.0 (GCI 4.0) provides stakeholders with a detailed map of the factors and characteristics that drive productivity, growth and human development (see Box 1). By systematically measuring these interrelated and complex factors across countries and over time, the GCI provides directions for policy interventions.
This chapter summarizes the global findings of the 2019 edition of GCI 4.0. This is followed by regional and country analysis in Chapter 2 and a thematic exploration of the relationship between competitiveness, equity and sustainability in Chapter 3. The report’s website offers a wealth of supplementary material: interactive scorecards and scores, additional information on each index item, downloads, infographics and articles.
Sustainable economic development is an important pathway out of poverty and a key driver of human development. There is ample evidence that development has been the most effective way to lift people out of poverty and improve their quality of life. For least developed countries (LDCs) and emerging countries, economic growth is important for expanding education, health, nutrition and livelihoods among the population.
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The importance and policy relevance of development was confirmed in the 2030 Agenda for Sustainable Development adopted by all UN member states in 2015, identifying 17 Sustainable Development Goals (SDGs) to be achieved by 2030. For “sustainable, inclusive and sustainable economic growth’. Development is also a means or condition for achieving many other SDGs, including ending poverty in all its forms everywhere (Goal 1).
For most of the last decade, growth has been very low and below potential in many developing countries, hindering progress on many SDGs. The competitiveness landscape painted by the GCI in 2019 calls for more efforts to restore growth to increase productivity and living standards. A recent United Nations progress report warns that the world is not on track to meet many of the SDGs.
In Goal 8, LDCs have missed the target of 7% growth every year since 2015. Extreme poverty is falling. At the current rate, it is estimated that by 2030 this figure will almost double the 3% target set in Goal 1. The World Bank estimated that, as of 2015, 3.4 billion people—or 46% of world population. Less than $5.50 a day and was struggling to meet basic needs.
World Competitiveness Index 2023 (imd) (infographic)
After years of steady decline, hunger (Goal 2) has increased and now affects 826 million – or one in nine people – up from 784 million in 2015. 20 percent of Africa’s population is undernourished. The goal of “zero hunger” set by Goal 2 is almost certain to be missed.
The GCI shows that there is little determinism and fatalism in the process of economic growth. Economic growth does not happen in a vacuum. A few basic building blocks are needed to start the development process, and more are needed to sustain it.
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