India slipped three spots to secure 40th position in the latest world competitiveness ranking published by the International Institute for Management Development.
India Slips 3 Spots To Secure 40th Position
This was still a better finish than when it was placed 43rd three years in a row from 2019 to 2021. India improved in government efficiency but slightly poorer in terms of infrastructure, business efficiency, and economic performance when compared to other countries.
Denmark, Ireland, and Switzerland claimed the top three spots, while the Netherlands secured the fifth spot. The IMD report highlighted that the challenges facing the country in 2023 are maintaining its high GDP growth, coping with financial market volatility, controlling inflation and fiscal deficit, accelerating digital transformation and mobilising resources for infrastructure development.
Thailand, Indonesia and Malaysia improved in the ranking whereas economies like Sweden and Finland which opened early have fallen back. “A country’s ability to generate prosperity for its people is a key determiner of success. It’s not what China does yet and it’s not what the US even does fully yet,” said Professor Arturo Bris, Director of the World Competitiveness Centre (WCC).
