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IMD World Competitiveness Ranking 2020 released

IMD World Competitiveness Index 2020:

Institute for Management Development (IMD) has released World Competitiveness Index 2020. Singapore was favorite for the second year during a row. In second to fifth place, in order, came: Denmark, Switzerland, Netherlands and Hong Kong SAR. The US has moved right down to 10th place (from 3rd last year), while China has also slipped from 14th to 20th place.

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India at IMD World Competitiveness Ranking 2020:

India continues to stay ranked 43rd on an annual World Competitiveness Index. Among the BRICS nations, India is ranked second after China, followed by Russia (50th), Brazil (56th) and South Africa (59th). India continues to struggle on the list and therefore the recent country rating downgrade by Moody’s reflects the uncertainties regarding the economy’s future.

India was ranked 41st on the IMD World Competitiveness Ranking, being produced by the graduate school based in Switzerland and Singapore per annum since 1989, but had slipped to 45th in 2017 before improving to 44th in 2018 then to 43rd in 2019.

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Important facts of IMD World Competitiveness Ranking 2020:

  • Factors behind Singapore’s success are its strong economic performance which stems from robust international trade and investment, employment and market measures.
  • Denmark, in 2nd, can credit a robust economy, market , and health and education systems. In addition, the country performs alright in international investment and productivity, and topped Europe in business efficiency.
  • Norway made this year’s top ten, at 7th, having been 11th last year. This is partly thanks to a wider pattern within the region: all the Nordic economies experienced an interesting improvement in business efficiency.
  • The UK climbed from 23rd to 19th, whilst neighbour France (32nd) slightly lost its 2019 foothold on 31st. One interpretation is that Brexit may have created the sentiment of a business-friendly environment within the making. The UK ranked 20th on the business efficiency measure, compared to 31st least year.

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Top 20 Countries in IMD World Competitiveness Ranking 2020:

Rank Country
1. Singapore
2. Denmark
3. Switzerland
4. Netherlands
5. Hong Kong SAR
6. Sweden
7. Norway
8. Canada
9. UAE
10. USA
11. Taiwan, China
12. Ireland
13. Finland
14. Qatar
15. Luxembourg
16. Austria
17. Germany
18. Australia
19. United Kingdom
20. China
43. India

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What is IMD World Competitiveness Index?

The World Competitiveness Yearbook is an annual report published by the Swiss-based International Institute for Management Development (IMD) on the competitiveness of nations and has been published since 1989. The yearbook benchmarks the performance of 63 countries based on 340 criteria measuring different facets of competitiveness.

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