Global Competitiveness Index 2019: India slips to 68th rank, Singapore replaces US at top
India slipped to 68th rank in the annual Global Competitiveness Index 2019. It was ranked 58th in the 2018 edition.
Global Competitiveness Index 2019: India has slipped to 68th rank in the annual Global Competitiveness Index 2019, down by 10 places from its 58th rank in 2018. The United States also slipped from its top position, to be replaced by Singapore.
The Global Competitiveness Index 2019 has been compiled by Geneva-based World Economic Forum (WEF). India was ranked at the 58th position in the 2018 edition of the index. This year, India is one of the worst performing nations in the BRICS group along with Brazil, which is ranked even lower than India at the 71st rank.
The Global Competitiveness Index ranks nations on the basis of 12 pillars including infrastructure, institution, ICT adoption, macroeconomic stability, health, skills, product market, labour market, financial system, market size, business dynamism, and innovation capability.
Global Competitiveness Index 2019: Key Highlights
• The Global Competitiveness Index 2019 ranks 140 countries on the basis of 98 indicators organised into 12 pillars.
• Singapore with a score of 84.8 took the top spot in this year’s index, pushing the United States to the second spot.
• The top-five economies in the Global Competitiveness Index 2019 included Singapore, US, Hong Kong, Netherlands and Switzerland.
• Japan took up the 6th spot, Germany ranked 7th, Sweden ranked 8th, UK ranked 9th and Denmark ranked 10th to complete the top ten economies in the index.
• China was ranked at the 28th spot, while Hong Kong was ranked 3rd and Taiwan, which it claims as its own territory, also ranked higher at the 12th spot.
Global Competitiveness Index 2019: Top 10 countries
Global Competitiveness Index 2019: India
• According to the World Economic Forum, the major reason for the fall in India’s rank is due to improvements witnessed by several other economies.
• India was ranked second in shareholder governance and third in terms of market size and renewable energy regulation.
• In corporate governance also, India was ranked considerably higher at the 15th position. In macroeconomic stability also, India was ranked high at the 43rd rank.
• However, India was performed poorly in pillars including Information, communication and technology adoption (120 rank), health (110), skills (107), product market (101), labour market(103) and stability (103).
• In terms of healthy life expectancy, India was ranked 109 out of 141 countries. In meritocract and incentivization also, India was ranked at the 118th position, largely due to its low ratio of wage and salaried female workers to male workers, in which it was ranked 128th.
• Among its neighbours, India was ranked ahead of Sri Lanka, Pakistan, Bangladesh and Nepal. Only China ranked better at the 28th position.
India and its neighbours- Global Competitiveness Index 2019