India ranks 58th in Global Competitiveness Index 2018: WEF
India ranks 58th in Global Competitiveness Index 2018: WEF

According to World Economic Forum’s Report ‘Global Competitiveness Index 2018’, India ranks 58th, up five places from 2017, with a score of 62.0. It has registered the largest gain of any country in the G20.

According to the Report, of the 140 economies listed, U.S. leads the rank followed closely by Singapore at second and Germany at third position respectively.

China was the most competitive, out of the BRICS grouping of large emerging markets, ranking 28th with a score of 72.6. WEF said that the top performers ‘in the upper and lower middle-income brackets’, such as China and India, are catching up with or even outperforming the average among high-income economies.

The report also said that India’s greatest competitive advantages are its market size, innovation, particularly the quality of its research establishments and business dynamism, including the number of disruptive businesses.

The areas that need to be improved are labor market (worker’s rights), product market (trade tariffs) and skills (student-teacher ratio).

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