The Silicon Review ^Asia

The World Economic Forum’s (WEF’s) Global Competitiveness Index (GCI) has released the list of the most competitive economies of the world for the year 2018. Currently, India has been ranked 58th which is five places ahead of the 2017 rankings.

According to the WEF report, India scored 62.0 in the latest Global Competitiveness report and was the largest gainers among all G20 economies.

The report suggests that developing economies like China (at 28^th Position) and India are improving in terms of economic growth and have outperformed the average among high-income economies.

Other than India and China, other BRIC economies like Russia has a score of 65.6 and is placed at a 43^rd position, South Africa with a score of 62.0 is placed at 58^th position, and Brazil is ranked at the 72nd position with a score of 59.5 points.

The U.S tops the list followed by Singapore (second position) and Germany (third position). The other countries which have been ranked among the top ten economies include Switzerland (4th), Japan (5th), Netherlands (6th), Hong Kong (7th), United Kingdom (8th), Sweden (9th) and Denmark (10th).

The list was prepared based on many factors which include different drivers of productivity such as infrastructure, education and skills, institutions, product and labor market, health, financial system, innovation, business dynamism, market size, macroeconomic context, and technological readiness. 

According to a report, it’s learned that India has shown improvements in expanding its market size that has primarily helped it score better in the rankings.