India maintained 43rd rank on an annual World Competitiveness Index 2021 compiled by the Institute for Management Development (IMD) that examined the impact of COVID-19 on economies around the world this year. The IMD World Competitiveness Rankings List comprises a total of 64 nations. Innovation, digitalization, welfare benefits, and social cohesion were key to economic performance in the 2021 rankings.
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Important Key Points related to World Competitiveness Index
- It measures the prosperity and competitiveness of countries by examining four key factors (334 competitiveness criteria)
1. Economic Performance
2. Government Efficiency
3. Business Efficiency
4. Infrastructure
- Note –The top-performing Asian economies are, in order, Singapore (fifth), Hong Kong (seventh), Taiwan (eighth) and China (16th).
- Taiwan was ranked at 8th position, reaching among top-10 ranking for the first time in 33 years.It was ranked 11th in 2020.
- Among the BRICS nations, India is ranked second after China (16), followed by Russia (45th), Brazil (57th) and South Africa (62th).
Index in 2021
- Rank 1: Switzerland
- Rank 2: Sweden
- Rank 3: Denmark
- Rank 4: Netherlands
Index in 2020
- Rank 1: Singapore
- Rank 2: Denmark
- Rank 3: Switzerland
- Rank 4: Netherlands
Related Question
Consider the following about World Competitiveness Index report 2021-
(1) India was ranked at 43rd position among 64 countries.
(2) World Competitiveness Index compiled by the Institute for Management Development
Select the correct answer using the code given below-
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) None of the above
Answer. (c)