India ranked 58th most competitive economy in WEF index

Lloyd Doyle
October 17, 2018

United States led the index with an 85.6 score, folowed by Singapore at 83.5 and Germany at 82.8.

Amid Donald Trump starting trade wars across the globe, the World Economic Forum just unveiled the United States has reclaimed the crown as the most competitive country in the world.

The highest mark possible is 100 points, an imaginary ideal "frontier" of economic competitiveness.

"While it is too early for the data to filter through in this year's report, we would expect trade tensions with China and other trading partners to have a negative impact on the US' competitiveness in the future, were they to continue", Saadia Zahidi, the managing director at the World Economic Forum, said in an email.

The report argues that numerous key factors that will drive future economic growth, such as idea generation, entrepreneurial culture, openness and agility, have not yet been the focus of major governmental policy making.

Other countries in the top 10 include Switzerland (4th), Japan (5th), Netherlands (6th), Hong Kong (7th), United Kingdom (8th), Sweden (9th) and Denmark (10th). "America's vibrant entrepreneurial culture and its dominance in producing a competitive labor market and nimble financial system 'are among the several factors that contribute to making the U.S.' innovation ecosystem one of the best in the world'".

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

The report measures national competitiveness - defined as the set of institutions, policies and factors that determine the level of productivity. "Only those economies that recognize the importance of the Fourth Industrial Revolution will be able to expand opportunities for their people".

The report also called on governments to implement more inclusive and redistributive tax policies, saying that "it is possible to be pro-growth and inclusive at the same time".

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

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