India shows the most improvement in competitiveness among the G-20 countries: Report
- India has moved 5 places up in the World Economic Forum’s Global Competitiveness Index (GCI) report.
- Among the G-20 countries, India has made the most headway in moving up the list.
- While Pakistan, Nepal and Bangladesh did worse on the GCI , China remained ahead of India ranking 28th.
Not only is this an improvement over last year, but India has shown the most improvement among the G-20 countries by moving up five places in the 4th edition of the GCI 4.0. As per the report, the quality of research, business dynamism and innovation were the major drivers behind increase in India’s level of productivity.
In fact, even the World Bank’s report on the Ease of Doing Business 2018 pointed out how India was among the top five reformers jumping up from being 130th to 100th on their index.
The country scored well in all the other parameters but fell short when it came to health, education and skills. Product Market, skills and labour market are some of the areas that have been highlighted as needing improvement.
US dominated the list by being the closest country to the competitiveness frontier. Other countries which were in the top 10 include Singapore, Germany, Switzerland, Japan, Netherlands, Hong Kong SAR, United Kingdom, Sweden and Denmark. At the other end of the spectrum were the least competitive countries of Haiti, Yemen and Chad.
India’s closest rival, China, which is also a member of G-20 has secured the 28th position. In contrast, Pakistan (107), Sri Lanka (85), Nepal (109) and Bangladesh (103) are still behind India.
Looking at the BRICS nations specifically, China leads the economies with a score of 72.6 at its rank of 28 while the Russian Federation ranked 43 and Brazil stood at 72.
It’s been forty years that the WEC has been publishing the GCI index, an annual publication. The aim of the GCI is to determine the level of productivity in an economy. This new edition of the GCI was measured using 98 indicators and 12 pillars.