Denmark, Ireland, and Switzerland claimed the top three positions in the latest World Competitiveness Ranking. The Netherlands, Taiwan, Hong Kong, Sweden, the USA, and the UAE make the rest of the top 10 in the ranking published by the International Institute for Management Development (IMD).
India slipped three spots to secure the 40th position in the latest world competitiveness ranking published by the International Institute for Management Development (IMD). The annual report by IMD’s World Competitiveness Centre (WCC) revealed that India, despite the drop, still held a better position compared to the years 2019-2021 when it was consistently ranked 43rd.
The IMD report highlighted that India witnessed improvements in government efficiency but slightly underperformed in business efficiency, infrastructure, and economic performance when compared to other countries. Exchange rate stability, compensation levels, and advancements in pollution control were the top three contributing factors that positively impacted India’s score.
The rankings also reflected the competitiveness improvements of economies that reopened later after the COVID-19 pandemic. Thailand, Indonesia, and Malaysia witnessed upward movement in the ranking, while early-opening economies like Sweden and Finland experienced a setback. The report also serves as an indicator of the quality of life in each country assessed.
Despite the drop in rankings, India’s positioning in the World Competitiveness Ranking is considered valuable for evaluating contrasting business environments, aiding international investment decisions, and assessing the impact of public policies.