Importance of World Competitive Index (WCI)
World Competitiveness Ranking is considered important for evaluating:
- Provides insights into strengths and weaknesses of different economies.
- Helps investors assess attractiveness and stability of countries for investment.
- Assesses Impact of Public Policies and reflects effectiveness of these policies in promoting economic growth.
- The ranking is indicator of quality of Life which reflects social, educational, healthcare, and environmental aspects.
- Allows countries to compare and set goals for improvement.
- Influences policy reforms to enhance competitiveness and attract investment.
World Competitive Index (WCI)
The World Competitiveness Index (WCI) is a yearly report published by the Institute of Management Development (IMD). The WCI is a comprehensive report that assesses countries on how well they manage their competencies to create long-term value. It measures prosperity and competitiveness by examining four factors: Economic performance, Government efficiency, Business efficiency, and Infrastructure.
WCY is maintained by the Institute for Management Development (IMD). It was first published in 1989. The IMD looked into the effects of COVID-19 on economies all around the world in 2021. It covers 64 different economies in detail. According to the World Competitiveness Index 2024, India ranked 40th, which is an improvement from 43rd in 2019–2021.
In this article, we will study the World Competitiveness Index, a list of the Top 10 countries in the World Competitive Index, and India’s position in the world ranking.
Table of Content
- What is the World Competitive Index?
- Methodology Behind World Competitive Index (WCI) Ranking
- List of Top 10 Countries in the World Competitive Index
- World Competitiveness Ranking 2023 – Key Points
- India in the World Competitive Index 2023
- Factors Influencing World Competitive Index (WCI)
- Importance of World Competitive Index (WCI)
- Recent Steps Taken by India to Increase its Competitiveness
- Way Forward – World Competitive Index (WCI)
- World Competitive Index UPSC