CrackitToday App

World Competitiveness Index 2023

World Competitiveness Index 2023:

The International Institute for Management Development (IMD) published the World Competitiveness Index.

  • Denmark, Ireland, and Switzerland have been named the top three among 64 economies measured for their global competitiveness.
  • India with 40th rank which is still in a better position than it was between 2019-2021 when it was placed 43rd three years in a row.
  • India improved in government efficiency but fared slightly poorer than other countries in business efficiency, infrastructure, and economic performance.
  • Specifically, the top three measures that helped India in its score are exchange rate stability, compensation levels, and improvements in pollution control.

World Competitiveness Index:

  • The IMD World Competitiveness Yearbook (WCY), was first published in 1989.
  • It is a comprehensive annual report and worldwide reference point on the competitiveness of countries.
  • It analyses and ranks countries according to how they manage their competencies to achieve long-term value creation.
  • It is based on 336 competitiveness criteria and four factors, namely Economic performance, Government efficiency, Business efficiency, and Infrastructure.