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India ranked 6th to 37th in the IMD World Competitiveness Yearbook

Denmark has moved from 3rd place last year to the top of the list of 63 countries

Denmark has moved from 3rd place last year to the top of the list of 63 countries

India is the fastest rising economy in Asia, rising 6th from 43rd to 37th in the World Competitiveness Index compiled by the Institute for Management Development, mainly due to improved economic performance.

Denmark moved from 3rd place last year to the top of the list of 63 countries, while Switzerland fell from the top to 2nd place and Singapore returned from 5th to 3rd place.

In the other top 10, Sweden is 4th, Hong Kong SAR (5th), Netherlands (6th), Taiwan (7th), Finland (8th), Norway (9th) and the United States (10th). Continue.

On the other hand, the top economies in Asia are Singapore (3rd), Hong Kong (5th), Taiwan (7th), China (17th) and Australia (19th).

Five years after being stable but stagnant, IMD said the competitiveness of the Indian economy improved significantly in 2022, mainly due to improved economic performance (37-28). Added.

According to the Institute for Business Development (IMD), the domestic economy has risen from 30th to 9th in the stratosphere in a year.

The labor market, a major subfactor of business efficiency parameters, has risen from 15th to 6th, and management practices, business attitudes and values ​​have also made great strides.

“India’s significant improvements in the context of retroactive tax by Prime Minister Narendra Modi in 2021 seem to have restored confidence in the business community. Re-regulation of many sectors, including drones, space and geospatial mapping. It is also likely to have influenced India’s outstanding performance at the 2022 WCR. “

India is also a driving force in the global movement to combat climate change, and Modi’s Net Zero commitment by 2070 at the November 2021 COP26 Summit is in line with the strengths of environment-related technologies in the rankings. increase.

Challenges facing India include trade turmoil and energy security management, maintaining high GDP growth after the pandemic, skills development and job creation, asset monetization and resource mobilization for infrastructure development. increase.

The top five attractive elements of India’s business economy are a skilled workforce, cost competitiveness, economic dynamism, a high level of education, and an open and positive attitude.

The IMD World Competitiveness Rankings (WCR) have found that inflationary pressures, along with COVID-19, are affecting the competitiveness of the national economy and the Russian invasion of Ukraine.

The three most important trends found to impact business in 2022 are inflationary pressures (50%), geopolitical conflicts (49%), and supply chain bottlenecks (48%). COVID is the 4th (43%).

“Inflationary pressures are affecting most economies,” said Christo Scaboris, chief economist at WCC.

“Other global challenges that affect a country’s competitiveness include a variant of COVID-19 regarding the number of infected people worldwide. Different national policies to address COVID (“Zero). “Tolerance COVID” policy and “transition from COVID” Meanwhile, China has fallen one spot this year, reversing the strong upward trend in recent years and showing a poor economic recovery exacerbated by the zero COVID strategy.

China has improved business efficiency, more specifically productivity, and increased real GDP growth compared to last year.

“From now on, China needs to restructure its economy from manufacturing to high-value services and from investment to consumption, and to build a unified domestic market to enhance long-term economic prosperity. Yes, it only achieves socio-economic development. The goal of using a macroeconomic policy mix, “explains the IMD’s WCC economist.

IMD Business Schools in Switzerland and Singapore have released the 2022 World Competitiveness Yearbook. Its think tank, the IMD World Competitiveness Center, ranks 63 economies and assesses the extent to which a country promotes national prosperity by measuring economic well-being through hard data. Investigate responses from executives.

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