India ranked 58th most competitive economy in WEF index

Cornelia Mascio
Ottobre 17, 2018

In its worldwide competitiveness rankings report released today, which ranks 140 countries based on 98 indicators and 12 pillars, WEF ranked Taiwan 1st in the "Macroeconomic stability" pillar, sharing the top spot with 31 other countries.

However, the 2018 edition, using the new criteria, "backcast" data for 2017 and came up with new rankings for that year.

"The report scores countries on how closely they match up to the competitive ideal", The Journal added. Its central finding is that the new wave of digital technologies creating fresh policy challenges for governments runs the risk of impacting global growth and productivity in the near future.

"China, is already more advanced when it comes to investing in research and development sub-pillar than the average high-income economy, while India is not far behind and let down only by its less-efficient bureaucracy for business creation and insolvency", the report said. The top ten includes the Netherlands, Hong Kong, the U.K., Sweden, and Denmark. "America's vibrant entrepreneurial culture and its dominance in producing a competitive labor market and nimble financial system 'are among the several factors that contribute to making the U.S.' innovation ecosystem one of the best in the world'".

Russian Federation topped the competitive table among Eurasian economies and came second behind China among the BRICS nations.

"This is the largest gain among all G20 economies", WEF said. "Only those economies that recognize the importance of the Fourth Industrial Revolution will be able to expand opportunities for their people".

The Philippines also ranked low in terms of business dynamism, especially in the amount of time it takes to start a business, the cost of starting a business, and in insolvency recovery rates.

This year's index studied drivers of a nation's productivity and long-term growth by asking what areas it must prioritize.

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