Question: Which of the following Agency /Organization is responsible for publishing the Global Competitiveness Index?
(a)World Bank
(b)World Economic Forum
(c)International Monetary Fund
(d)World Intellectual Property Organization
Answer: (b)
Related facts:
- Recently published Global Competitiveness Index by World Economic Forum, India has gained 5 spot from its previous year’s rank and achieved 58th
- United States, Singapore and Germany were on consecutive first, second and third position while Chad is the lowest ranking economy as per report of 140 countries.
- This year’s index is based on 12 pillars (drivers of productivity) and 98 indicators. The 12 Pillars are as follows: 1) Institutions 2) Infrastructure 3) ICT adaption 4) Macroeconomic stability 5) Health 6) Skills 7) Product Market) 8) Labour Market 9) Financial System 10) Market Size 11) Business Dynamism 12) Innovation Capability.
- The new index sheds light on an emerging set of drivers of productivity and long-term growth in the era of the Fourth Industrial Revolution (4IR).
- Competitiveness is not only associated with higher incomes but also better socioeconomic outcomes, including life satisfaction.
Global Competitiveness Index:
- World economic forum has been releasing the index since 2004. This index is developed by Xavier Sala-i-Martin and Elsa V. Artadi.
- Almost 40 years after its first annual assessment of the global economy, the Forum’s 2018 report uses new methodology to understand the full impact of the 4IR (Fourth Industrial Revolution), and finds factors including human capital, agility, resilience, openness and innovation becoming increasingly important.
World Economic Forum (WEF):
- The World Economic Forum is the international organization for public-private co-operation. Forum is best known for its annual meeting in Davos-Klosters (Switzerland).
- It was established in 1971 as a not-for-profit organization and is headquartered in Cologny, Geneva, Switzerland.
- It gained formal status in January 2015 under the Swiss Host-State Act, confirming the role of the Forum as an International Institution for Public-Private Cooperation.
Ramayan Upadhyay
Links:
https://www.weforum.org/reports/the-global-competitveness-report-2018
http://www3.weforum.org/docs/GCR2018/05FullReport/TheGlobalCompetitivenessReport2018.pdf
https://www.weforum.org/reports/