New Delhi: India has moved 6 places to secure 37th position on the annual World Competitiveness Index compiled by the Institute for Management Development (IMD). This is India’s sharpest rise among the Asian economies and can be largely attributed to gains in economic performance.

Meanwhile, the top-performing Asian economies are Singapore (3rd), Hong Kong (5th), Taiwan (7th), China (17th) and Australia (19th). Other major economies in the top 10 include Sweden at the fourth position, followed by Hong Kong SAR (fifth), the Netherlands (sixth), Taiwan (seventh), Finland (eighth), Norway (ninth) and the USA (10th).

The top five attractive factors of India's economy for business are - a skilled workforce, cost competitiveness, dynamism of the economy, high educational level and open and positive attitudes.

The IMD World Competitiveness Ranking (WCR) observed that inflationary pressures are affecting the competitiveness of national economies along with COVID-19, and the invasion of Ukraine by Russia.

The three most important trends found to be impacting businesses in 2022 are inflationary pressures (50%), geopolitical conflicts (49%) and supply chain bottlenecks (48%) with COVID being the fourth (43%).

Since 1989, the IMD World Competitiveness Yearbook (WCY) is a worldwide reference point on the competitiveness of countries which provides benchmarking and trends, as well as statistics and survey data based on extensive research.

We live in turbulent geo-political times and are exiting a global pandemic. How is your economy holding up? The results of the 2022 IMD World Competitiveness Ranking are out today.
Find out who takes top spot and why: https://t.co/wcFWJNJW5G #IMDImpact #WorldCompetitiveness pic.twitter.com/Uqno3c6afC
— IMD (@IMD_Bschool) June 15, 2022

According to the IMD, the Indian economy has witnessed a significant improvement in competitiveness in the last five years and this is largely due to gains in economic performance. The domestic economy has experienced a stratospheric rise from 30th to 9th position in a year, IMD noted,

“With Prime Minister Narendra Modi having made major improvements in the context of retrospective taxes in 2021, India appears to have restored the trust of the business community. Its re-regulation of a number of sectors, including drones, space and geo-spatial mapping, also likely played a role in the country's stellar performance in the 2022 WCR,” economists at IMD World Competitiveness Centre said.

Also Read: SSC 2022: AP Govt Gives Betterment Examinations Option, Check Details

The 63-nation list, which is put together by IMD, ranks Denmark on top, while Switzerland slipped from the top to the second position. Singapore has regained third spot in 2022 from fifth in 2021, the IMD’s economic competitiveness data shows.