US named the world’s most competitive economy

The United States was named the world’s most competitive economy by the World Economic Forum (WEF) on Wednesday.

In its Global Competitiveness Index, WEF — known for its annual economic forum in Davos, Switzerland — ranked the U.S. as the most competitive of 140 economies, the first time the nation has reached the top spot in a decade.

Performance of India:

India was ranked as the 58th most competitive economy with a score of 62.0 on the Global Competitiveness Index 2018.

India jumped five spots from 2017, the largest gain among G20 economies.

India ranked highest among South Asian countries. Sri Lanka was ranked 86th, Bangladesh 103rd, Pakistan 107th, and Nepal 109th.

As per the report, India leads the region in all other areas of competitiveness except for health, education, and skills.

As per the report, India’s greatest competitive advantages include its market size and innovation.

Global performance:

On the list of 140 economies, the United States topped the list with a score of 85.6, followed by Singapore and Germany at the second and the third positions respectively.

Other countries in the top 10 include Switzerland (4th), Japan (5th), Netherlands (6th), Hong Kong (7th), United Kingdom (8th), Sweden (9th) and Denmark (10th).

In Europe, Sweden is ranked the highest among the Nordic economies at 9th position, while France (17th) is among the top 20. Countries such as Germany and Switzerland set global standards for innovation.

Competitiveness performance in the Middle East and North Africa remains diverse, with Israel (20th) and the United Arab Emirates (27th), leading the way in their respective regions.

17of the 34 sub-Saharan African economies are among the bottom 20. Mauritius (49th) leads the region, ahead of South Africa and nearly 91 places ahead of Chad (140th).

Among the BRICS economies, China topped the list at 28th place with a score of 72.6, followed by Russia, India, South Africa, and Brazil respectively.

The Global Competitiveness Index (GCI) is prepared on the basis of country-level data covering 12 categories or pillars of competitiveness.

Institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation are the 12 pillars.

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