India’s economic competitiveness improved significantly in 2022, jumping 6 places on the IMD’s World Competitiveness Index 2022.
- It is India’s sharpest rise among the Asian economies, with a six-position jump from 43rd to 37th rank on the annual World Competitiveness Index 2022 compiled by the Institute for Management Development (IMD).
- Denmark has moved to the top of the 63-nation list from the third position last year, while Switzerland slipped from the top ranking to the 2nd position and Singapore regained the 3rd spot from fifth.
India’s ranking improved
- India’s ranking jump is largely due to gains in economic performance (from 37th to 28th).
- The domestic economy has experienced a stratospheric rise from 30th to 9th position in a year.
- The labor market moved up from 15th to 6th, while management practices and business attitudes and values also made major leaps.
About IMD’s World Competitiveness Ranking
- IMD business school in Switzerland and Singapore released the 2022 World Competitiveness Ranking.
- The IMD World Competitiveness Yearbook (WCY), first published in 1989, is a comprehensive annual report and worldwide reference point on the competitiveness of countries.
- The World Competitiveness Ranking is based on 333 competitiveness criteria selected as a result of comprehensive research using economic literature, international, national and regional sources and feedback from the business community, government agencies and academics.
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