Hello Folks!
We are here with an article on the “World Competitiveness Index 2021”. This report is published as an assessment of an economy’s people, their overall productivity and health of the world. We’ll be discussing further in the article about the ranking of different countries and the factors affecting them.
In 1989 the first IMD (International Institute for Management Development) World Competitiveness Yearbook (WCY) was published. It is an annual report on the competitiveness of nations. It is published by the Swiss-based International Institute for Management Development (IMD). This year’s edition especially focuses on the actions necessary for recovery in the COVID-19 pandemic.
The IMD World Competitiveness Ranking ranks a total of 64 economies. It evaluates a country’s ability to promote the welfare of its people. It measures economic well-being through data and survey reports from executives. This year the ranking was on the basis of the economic impact of the pandemic.
Investment in innovation, digitalization, welfare benefits, and leadership have helped countries fight the crisis better.
The countries were ranked on the basis of four factors:
- Economic performance
- Government Efficiency
- Business Efficiency
- Infrastructure
Table of Contents
World Competitiveness Index: Top 10 countries
| 2021 | Countries | 2020 |
| 1 | Switzerland | 3 |
| 2 | Sweden | 6 |
| 3 | Denmark | 2 |
| 4 | Netherlands | 4 |
| 5 | Singapore | 1 |
| 6 | Norway | 7 |
| 7 | Hong Kong | 5 |
| 8 | Taiwan, China | 11 |
| 9 | UAE | 9 |
| 10 | USA | 10 |
India’s Scenario
India continued to rank 43rd for the 3rd consecutive year on the IMD World Competitiveness Ranking. Areas like long-term employment growth, current account balance, high-tech exports, and foreign currency reserves recorded improvements.
However, it has moved down in areas like exchange rate stability, real GDP growth, competition legislation and taxes. There were weaknesses in infrastructure and deficit in education investment.
Among BRICS nations India was ranked 2nd after China at 16, with Russia at 45th, Brazil at 57th, and South Africa at 62nd.
India’s Ranking in the past 5 years
| 2017 | 2018 | 2019 | 2020 | 2021 |
| 45 | 44 | 43 | 43 | 43 |
About IMD:
President: Jean-François Manzoni
Location: Lausanne, Switzerland
About BRICS:
- Brazil, Russia, India, China, and South Africa
- 12th BRICS summit held on 17 November 2020 virtually by Russia.
This brings us to the end of this article on World Competitiveness Index 2021. We covered here the important factors which affects a country’s ranking in the index. How India is coping up with the pandemic and trying to revive the economy.
Stay tuned for more such updates.
