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News and Trends

India is 43rd in the Competitiveness Ranking List; Singapore Clinches the Top Spot

While the top spot was clinched by Singapore, it dethroned the US which was on the top spot last year, India, not-so-far behind in the list, jumped one spot from last year and secured the 43rd rank
India is 43rd in the Competitiveness Ranking List; Singapore Clinches the Top Spot
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3 min read
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The IMD World Competitiveness list is out and it is not without some interesting conclusions.

While the top spot was clinched by Singapore, it dethroned the US which was on the top spot last year. The USA, this year, is in the third position. The second spot was clinched by Hong Kong SAR. India, not-so-far behind in the list, jumped one spot from last year and secured the 43rd rank.

The rankings, established in 1989, rank 63 economies based on 235 indicators including unemployment, GDP and government spending on health and education, social cohesion, globalization and corruption.

Singapore has been on a rise. It is ranked number #1 in competitiveness and number #2 in ease of doing business by a report released by World Bank in November last year.

Asia

In Asia, Singapore’s top spot is a no-brainer. According to the report, 11 out of 14 economies either improved or held their ground. Indonesia is the surprising element in the list in Asia by jumping 11 places up. Japan, on the other hand, fell five places down.

Asian countries also fared well in other categories. Singapore and Korea SAR clinched at least one among the top 5 spots in economic performance, business efficiency and government efficiency.

Over the years, Asia has shown robust growth and progress. The countries are going at a rapid pace. Asia has the world’s biggest democracy (India), economic superpowers (China and Japan), a fitting business destination (Singapore).

Europe

Europe has been undergoing uncertainty both politically and economically. Brexit has added to the dilemma the continent has been undergoing. Even the report highlights this when it says, “Competitiveness across Europe has struggled to gain ground with most economies on the decline or standing still.”

The United Kingdom, quite unexpectedly, fell #3 places down. The biggest leap in this region was taken by Ireland, which rose up to five places to secure a comfortable spot at the #7 position. The biggest plunge in the region is of Portugal, with six places down to the #36 rank.

Middle East

Middle East has done exceedingly well in the ranking list with UAE, two spots up at #5 rank and Saudi Arabia climbing thirteen places to sit comfortably at #26 rank. Qatar saw securing #10 rank, 4 places up from previous year’s ranking. Even in the parameters of government efficiency, business efficiency and economic performance, Qatar and UAE have done wonders.

The report had a lot to say about Middle East’s performance, “The effects of rising fuel prices influenced the ranking, with inflation reducing competitiveness in some countries. Stronger trade revenues helped oil and gas producers such as this year’s biggest climber Saudi Arabia, which jumped 13 places to 26th, and Qatar, which entered the top 10 for the first time since 2013.”

It also added, “The United Arab Emirates – ranked 15th as recently as 2016 – entered the top five for the first time. The UAE now ranks first globally for business efficiency, outshining other economies in areas such as productivity, digital transformation and entrepreneurship.”

The rankings, established in 1989, rank 63 economies based on 235 indicators including unemployment, GDP and government spending on health and education, social cohesion, globalization and corruption.

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