India ranked 58th most competitive economy in WEF index

Marco Green
October 17, 2018

"Economic recovery is well underway, with the global economy projected to grow nearly 4% in 2018 and 2019", the report stated, adding that "recovery remains vulnerable to a range of risks and potential shocks".

On the list of 140 economies, the U.S. is followed by Singapore and Germany at the second and the third positions respectively.

The Philippines ranked 5th out of 9 economies in Southeast Asia in terms of competitiveness, according to a report released Wednesday by the World Economic Forum (WEF).

The last time the US topped the list was 2008.

"The report scores countries on how closely they match up to the competitive ideal", The Journal added.

In addition, the economy is an open one, which "is marked by forgiving cultural attitudes towards entrepreneurial failure, a great willingness to delegate authority, entrepreneurs who are willing to embrace disruptive ideas, and fast-growing innovative companies".

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

The United States' top ranking is built on what the WEF determines as its strong "business dynamism" pillar, particularly its vibrant entrepreneurial culture, strong labor market and financial system. "It comes second in another two; innovation (behind Germany) and market size (behind China)".

"This is the largest gain among all G20 economies", WEF said.

"With this report, the World Economic Forum proposes an approach to assess how well countries are performing against this new criterion".

The report also weighs in on the now in-vogue topics of trade tensions and the ongoing backlash against globalization visited in several recent election results. "It takes time between an announcement, implementation and the impact of a change in policy".

WEF said this year's rankings are not comparable to previous reports, as the organization transitioned to a new Competitiveness Index.

This year's index studied drivers of a nation's productivity and long-term growth by asking what areas it must prioritize.

Other reports by Click Lancashire

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