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World Competitiveness Ranking 2021 released by IMD

IMD World Competitiveness Ranking 2021 was released on 17 June 2021. Its data explores multiple factors that affect the prosperity of 64 economies. This year, the rankings expose the economic impact of the pandemic across the globe.

Developed by:

The World Competitiveness Ranking is developed annually by the IMD World Competitiveness Center.

Methodology:

It measures the prosperity and competitiveness of 64 countries by examining four factors:

  1. Economic performance
  2. Government efficiency
  3. Business efficiency
  4. Infrastructure

Key findings of the World Competitiveness Rankings 2021:

» Switzerland has topped the IMD’s World Competitiveness Ranking for the first time in its 33-year history.

» The UAE and the USA remain at the 9th and 10th spots, respectively, as of last year.

Key findings for India:

» India maintained 43rd rank on an annual IMD World Competitiveness Index. India has maintained its position for the past three years.

» This year, there has been a significant improvement in government efficiency in India.

Reason:

India’s improvements in the government efficiency factor are mostly due to relatively stable public finances and to the positive feedbacks we registered among Indian business executives with respect to the support and subsidies provided by the government to the private companies.

» Among the BRICS nations, India (43rd) is ranked second after China (16th). Other BRICS nations are- Russia (45th), Brazil (57th) and South Africa (62th).

Top five countries:

Rank 1- Switzerland
Rank 2- Sweden
Rank 3- Denmark
Rank 4- Netherlands
Rank 5- Singapore
Bottom five countries:

Rank 60- Mongolia
Rank 61- Botswana
Rank 62- South Africa
Rank 63- Argentina
Rank 64- Venezuela
Top-performing Asian economies:

Rank 5- Singapore
Rank 7- Hong Kong
Rank 8- Taiwan
About WCY:

The IMD World Competitiveness Yearbook (WCY) was first published in 1989. The WCY is a comprehensive annual report and worldwide reference point on the competitiveness of countries.

It provides benchmarking and trends, as well as statistics and survey data based on extensive research.

Source: IMD & News Reports

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