Economy

Global Competitiveness Report Ranks India 40th Out of 137 Economies

Global Competitiveness Report Ranks India 40th Out of 137 Economies”

Former US Secretary of state John Kerry looks at a robot in a Ford factory in India.

South Korea's ranking in global competitiveness remained unchanged this year as the improvement in the country's macroeconomic environment was offset by challenges in the labor and financial sectors, a report showed Wednesday.

The GCR is an annual report published by the WEF based on the Global Competitiveness Index (GCI) that combines 114 indicators that integrate both macro and micro economic aspects of competitiveness.

The Philippines ranked 56th out of 137 economies in the 2017 to 2018 Global Competitiveness Index, from 57th out of 138 in the 2016 to 2017 ranking, Geneva-based WEF said in a statement.

Switzerland has ranked the most competitive economy in the world, which is followed by the United States of America.

"We also maintained our position as the most competitive among emerging economies in East Asia and the Pacific region, as well as among 20 economies in the transition stage from efficiency-driven to innovation-driven".

Singapore slipped from second place last year to third this year after its score dropped from 5.72 last year to 5.73 this year.

The country's ranking in terms of basic requirements that measure its institutions, infrastructure and macroeconomic environment advanced from 19th to 16th, while its efficiency in the education, labor and financial sectors stayed at 26th, and its business innovation and maturity rating slid one notch to 23rd, the report showed.

It is to be noted that the GCI scores are calculated on the basis of 12 categories called "pillars of competitiveness", which include parameters like institutions, infrastructure, health and primary education, labour market efficiency, financial market development, technological readiness and market size.

The WEF said the world economy was "in much better shape" since the global crisis 10 years ago, citing "slow yet steady" growth that could hit 3.5 percent this year.

This year's result is slightly different from last year's, when inflation was among the five most problematic factors.

Klaus Schwab, founder and executive chairman of the World Economic Forum, had this to say on the need for skill development for countries: "Global competitiveness will be more and more defined by the innovative capacity of a country".

This means the time has come for India to ready itself to adopt technological advancement.



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