India has seen the sharpest growth among the Asian economies, with a six-position jump from 43rd to 37th rank on the annual World Competitiveness Index 2022. The Index has been compiled by the Institute for Management Development (IMD). Meanwhile, the top-performing Asian economies are Singapore (3rd), Hong Kong (5th), Taiwan (7th), China (17th) and Australia (19th).
India is also a driving force in the global movement to fight climate change and Mr. Modi’s pledge of net-zero by 2070 at the COP26 summit in November 2021, sits in harmony with its strength in environment-related technologies in the ranking. The top five attractive factors of India’s economy for business are – a skilled workforce, cost competitiveness, dynamism of the economy, high educational level and open and positive attitudes.
World Competitiveness Index 2022: Globally
- Denmark has moved to the top of the 63-nation list from the third position last year, while Switzerland slipped from the top ranking to the second position and Singapore regained the third spot from fifth, a global study showed.
- Others in the top 10 include Sweden at the fourth position, followed by Hong Kong SAR (5th), the Netherlands (6th), Taiwan (7th), Finland (8th), Norway (9th) and the USA (10th).
About the World Competitiveness Index 2022:
IMD business school in Switzerland and Singapore released the 2022 World Competitiveness Ranking. Its think-tank, IMD World Competitiveness Center, ranks 63 economies and assesses the extent to which a country promotes the prosperity of its people by measuring economic well-being via hard data and survey responses from executives.