India slips 10 places to 68th on the global competitiveness index.

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India has moved 10 places down to rank 68th on annual global competitiveness index, due to improvements witnessed by economies of other countries. Singapore has taken over the US to become the world’s most competitive economy.

India, which ranked 58th in the annual global competitiveness Index compiled by Geneva-based World Economic Forum(WEF), is among the worst-performing among the BRICS nations.

India has moved 10 places down to rank 68th on annual global competitiveness index, due to improvements witnessed by economies of other countries. Singapore has taken over the US to become the world’s most competitive economy.

India, which ranked 58th in the annual global competitiveness Index compiled by Geneva-based World Economic Forum(WEF), is among the worst-performing among the BRICS nations.

Declaring its latest index, WEF said India ranks high in terms of macroeconomic stability and market size, while its financial sector is stable.

India is at 15th position in terms of cooperate governance, it ranks second for shareholder governance, the survey showed. In terms of market size, India has been on the third spot.

India also punches above its development status when it comes to innovation, which is ahead of emerging nations and on par with developed nations.

But, when it comes to ICT(information, communications and Technology), adoption, health conditions and health life expectancy the country’s rates are at all time low.

Besides, India needs to enhance its skills, while its product and market efficiency is undermined by lack of trade candor and labor market rights’ protections, insufficiently developed labor market policies and low participation of women.

In overall ranking, India is followed by couple of its neighbors, including SriLanka at 84th place, Bangladesh at 105th, Nepal at 108th and Pakistan at 110th.

The Global Competitiveness Index(CGI) which had commenced in 1979, maps the competitiveness of 141 economies of the world through 103 parameters that are organized into 12 pillars.

Singapore has become the world’s most competitive economy in 2019. The US is at the second spot, Hongkong Sar at third, the Netherlands at 4th and Switzerland on 5th.

Klaus Schwab, the founder and executive chairman of WEF said ,” The CGI 4.0 provides a compass for thriving in the new economy where innovation becomes the key factor of competitiveness.

The reports lay emphasis on those countries which integrate into their economic policies an emphasis on infrastructure, skills, and research. The countries that focus on these policies have left behind the countries adopting traditional policies.

The report showed that countries possessing strong innovation capabilities like Korea, Japan and France or increasing capabilities like India, China and Brazil, need to improve their labor markets.

Declaring its latest index, WEF said India ranks high in terms of macroeconomic stability and market size, while its financial sector is stable.

India is at 15th position in terms of co-operating governance, it ranks second for shareholder governance, the survey showed. In terms of market size, India has been on the third spot.

India also punches above its development status when it comes to innovation, which is ahead of emerging nations and on par with developed nations.

But, when it comes to ICT(information, communications and Technology), adoption, health conditions and health life expectancy the country’s rates are at all time low.

Besides, India needs to enhance its skills, while its product and market efficiency is undermined by lack of trade candor and labour market rights’ protections, insufficiently developed labor market policies and low participation of women.

In the overall ranking, India is followed by a couple of its neighbors, including SriLanka at 84th place, Bangladesh at 105th, Nepal at 108th and Pakistan at 110th.

The Global Competitiveness Index(CGI) which had commenced in 1979, maps the competitiveness of 141 economies of the world through 103 parameters that are organized into 12 pillars.

Singapore has become the world’s most competitivene economy in 2019. The US is at the second spot, Hongkong Sar at third, the Netherlands at 4th and Switzerland at 5th.

Klaus Schwab, the founder and executive chairman of WEF said,” The CGI 4.0 provides a compass for thriving in the new economy where innovation becomes the key factor of competitiveness.

The reports lay emphasis on those countries which integrate into their economic policies an emphasis on infrastructure, skills, and research. The countries that focus on these policies have left behind the countries adopting traditional policies.

The report showed that countries possessing strong innovation capabilities like Korea, Japan, and France or increasing capabilities like India, China and Brazil, need to improve their labour markets.

The presence of many competitive countries in Asia Pacific makes it the most competitive continent in the world, followed by Europe and North America.

China is at 28th place while Vietnam is at 67th place. The forum said 10 years on from the global financial crisis, the world economy remains locked in a cycle of low or flat productivity inspite of injecting more than $10 trillion by central banks.

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