World Competitive Ranking 2019: Highlights

World Competitive Ranking 2019: Highlights
  • The IMD World Competitive Rankings 2019 has been released by the International Institute for Management Development (IMD). The IMD World Competitive Rankings were established in the year 1989 and since then the rankings are being published annually. It ranks 63 Economies and incorporates 235 indicators from each of the economies.
  • The ranking takes into account various statistics like government spending on health and education, GDP, unemployment, corruption, social cohesion and globalization.
  • The information collected is divided into four categories- 
    • Economic performance
    • Infrastructure
    • Government efficiency
    • Business efficiency
  • The final score of a country is based on these four categories.

Global Findings

  • According to the IMD World Competitive Rankings 2019, Singapore has been ranked as the world’s most competitive economy. Singapore has attained the first position in the ranking for the first time since 2010.
  • The ranking highlighted that Singapore has attained the top position because of its advanced technological infrastructure, favourable immigration laws, skilled labour and efficient ways to set up new businesses.
  • Singapore is followed by Hong Kong SAR on the second position.
  • United States, which was ranked first in the previous ranking, has slipped two places to rank third in the 2019 rankings.
  • Switzerland has been ranked 4th in the 2019 rankings. It has improved by one place from the 2018 rankings.
  • United Arab Emirates, which was ranked 7th in 2018, has been ranked 5th in the 2019 rankings.
  • UAE is followed by Netherlands, Ireland, Denmark and Sweden.
  • Qatar has found place in the top ten countries for the first time since 2013.
  • Venezuela has been placed last on the ranking at 63rd place.

Top 10 Countries

  • The top 10 countries in the IMD World Competitive Rankings 2019 are-
    1. Singapore
    2. Hong Kong SAR
    3. USA
    4. Switzerland
    5. UAE
    6. Netherlands
    7. Ireland
    8. Denmark
    9. Sweden
    10. Qatar

Region-wise Findings

Asia

  • The Asia-Pacific region emerged top region in terms competitiveness. 11 out of 14 economies in the region have either improved or held their positions. The region is led by Singapore which has topped the 2019 rankings.

Europe

  • The competitiveness in the Europe region is struggled as most of the economies in the region have seen a decline in their positions. The biggest climber in the region is Ireland which improved by five places to rank 7th in the 2019 rankings.

Middle-East

  • The region has mixed results with UAE, Qatar and Saudi Arabia improving their rankings while Turkey Jordan and Israel seeing a decline. Saudi Arabia is the biggest climber in the region which improved by 13 places to rank 26th in the rankings.

Latin America

  • This region has performed very poor in the 2019 rankings. Venezuela has been ranked last in the rankings and Chile has declined in its ranking by 7 places to rank 42.

South Africa

  • The region scored less in the infrastructure category with South Africa dropping to 56th from 53rd.

India Specific Findings

  • India has been ranked 43rd in the 2019 IMD World Competitive Rankings.
  • India has improved one place from the 2018 rankings. It was ranked 44th in the 2018 rankings.
  • According to the rankings, India has lagged behind in terms of education infrastructure, societal framework, public finance, health and environment. However, India has scored well on economic parameters and tax policies.

Quick Facts-

  • The International Institute for Management Development (IMD) is situated in Lausanne, Switzerland.
  • This business education institute was established in the year 1990.

Questions

Q1. The World Competitive Rankings 2019 have been released by which organisation?
  1. United Nations
  2. World Bank
  3. International Institute for Management Development (IMD)
  4. World Economic Forum
  5. World Intellectual Property Organization (WIPO)
Answer- (3) International Institute for Management Development (IMD)

Explanation- The World Competitive Rankings 2019 have been released by International Institute for Management Development (IMD). The rankings are released annually by IMD. IMD is situated in Lausanne, Switzerland.

Q2. What is the rank of India in the IMD World Competitive Rankings 2019?
  1. 43rd
  2. 44th
  3. 52nd
  4. 36th
  5. 59th
Answer- (1) 43rd

Explanation- India has been ranked 43rd in the 2019 IMD World Competitive Rankings. India has improved one place from the 2018 rankings. It was ranked 44th in the 2018 rankings.

Q3. Which country has topped the IMD World Competitive Rankings 2019?
  1. USA
  2. Switzerland
  3. UAE
  4. Ireland
  5. Singapore
Answer- (5) Singapore

Explanation- According to the IMD World Competitive Rankings 2019, Singapore has been ranked as the world’s most competitive economy. Singapore has attained the first position in the ranking for the first time since 2010.
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