The 2023 Global Competitiveness Index, published by the International Institute for Management Development (IMD), has named Denmark, Ireland, and Switzerland as the top three most competitive economies among 64 nations surveyed. The report highlights the unique approaches taken by these countries to achieve competitiveness and emphasizes the importance of long-term value creation. In this article, we will delve into the rankings, key findings, and notable advancements and challenges faced by various countries.
Denmark: Retaining its first-place position from last year, Denmark continues to demonstrate exceptional competitiveness. The country’s efficient utilization of markets and trading partners contributes to its success.
Switzerland: Despite dropping from second place in 2022 and first place in 2021, Switzerland maintains its position in the top three. The country’s strategic utilization of its market access and trading partners sustains its competitiveness.
India, despite experiencing a slight drop of three ranks, finishes in 40th place in the 2023 Global Competitiveness Index, indicating an improvement compared to its consistent 43rd position between 2019 and 2021. The IMD report highlights several areas of advancement and challenges faced by India in its pursuit of competitiveness.
Areas of Improvement:
Compensation Levels and Pollution Control: India’s competitive score benefited from its compensation levels and efforts to improve pollution control, emphasizing a focus on sustainable practices.
Ireland’s Remarkable Leap: Ireland’s ascent from 11th to second place demonstrates its commitment to competitiveness. The country’s access to markets and trading partners has played a pivotal role in its remarkable progress.
Europe’s Prominence: European economies dominated the top 10 rankings in 2023, with five countries featured. Denmark, Switzerland, Ireland, Netherlands, and Sweden showcased their competitive prowess, although Sweden slipped four places from the previous year.
Arab World Advancements: Saudi Arabia climbed seven places to reach the 17th rank globally and ranked third in the Arab world. Qatar improved by six places, securing the 12th position worldwide and second in the Arab world. Bahrain advanced five places to claim the 25th spot globally and fourth in the Arab world. The United Arab Emirates maintained its leadership in the Arab world, securing the tenth position globally. Jordan saw a two-place advancement, ending at 54th place globally but last in the Arab world at the sixth position.
Fusion Micro Finance has obtained a $25 million loan from the United States International Development…
India's MSME sector, contributing over 30% to the GDP and employing approximately 12 crore people,…
In April 2024, India witnessed a surge in thermal coal imports, marking a five-month high,…
Mukesh Ambani and Gautam Adani have made it to the top 15 world's super-rich list…
The Reserve Bank of India (RBI) has given its nod for the appointment of Pradeep…
Longest River in India 2024 Indian rivers are the veins of its landscapes, coursing through…