Question: Which position did India get in the Global Competitiveness Index 2019?
- In order to assess the ability of countries to provide high levels of prosperity to their citizens, the Global Competitiveness Index 2019 as a part of Global Competitiveness Report has been published by Geneva-based World Economic Forum (WEF).
- The Global Competitiveness Index ranks 141 nations on the basis of 98 indicators organised into 12 pillars including infrastructure, institution, ICT adoption, macroeconomic stability, health, skills, product market, labour market, financial system, market size, business dynamism, and innovation capability.
- The 2019 report states that ten years on from the global financial crisis, the world economy remains locked in a cycle of low or flat productivity growth despite the injection of more than $10 trillion by central banks.
- Presence of many competitive countries like China, Japan, Korea, and India in Asia-Pacific makes this region the most competitive in the world, followed closely by Europe and North America.
- India has been ranked to 68th spot in the Index having score of 61.4. The country was ranked at the 58th position in the 2018 edition.
- Singapore with a score of 84.8 stood first in the Global Competitiveness Index 2019, pushing the United States to the second spot.
- Whereas, Hong Kong, Netherlands and Switzerland got third, fourth and fifth position respectively.
- The 5 lowest-rated countries are: Chad (141), Yemen (140), Congo Democratic Republic (139), Haiti (138), and Mozambique (137).
- The ranking of BRICS nations are:
- Brazil 71st
- Russia 43rd
- India 68th
- China 28th
- South Africa 60th
- The ranking of neighboring countries are:
- Pakistan 110 rank
- Bangladesh 105 rank
- Sri Lanka 84 rank
- Nepal 108 rank
Global Competitiveness Index 2019: India
- India ranks high in terms of macroeconomic stability and market size, while its financial sector is relatively deep and stable despite the high delinquency rate, which contributes to weakening the soundness of its banking system.
- India is ranked also high at 15th place in terms of corporate governance, while it is ranked second globally for shareholder governance.
- In terms of the market size, India is ranked third, while it has got the same rank for renewable energy regulation.
- However, India was performed poorly in pillars including Information, communication and technology adoption (120), health (110), skills (107), product market (101), labour market (103) and stability (103).
- The healthy life expectancy, where India has been ranked 109th out of total the 141 countries. In meritocract and incentivization also, India was ranked at the 118th position, largely due to its low ratio of wage and salaried female workers to male workers, in which it was ranked 128th.
- With a ratio of female workers to male workers of 0.26, India has been ranked very low at 128th place.
- India is also ranked low at 118th in terms of meritocracy and incentivization and at 107th place for skills.