Singapore has moved up to the top, from the third position last year, while the US has slipped to the third place in the 2019 edition of the IMD World Competitiveness Rankings.
India
has moved up one place to rank 43rd most competitive economy in the
world on the back of its robust economic growth, a large labour force
and its huge market size, while Singapore has toppled the US to grab
the top position, a global study showed.
Singapore
has moved up to the top, from the third position last year, while the
US has slipped to the third place in the 2019 edition of the IMD
World Competitiveness Rankings. Hong Kong SAR has held onto its
second place, helped by a benign tax and business policy environment
and access to business finance.
Economists
regard competitiveness as vital for the long-term health of a
country's economy as it empowers businesses to achieve sustainable
growth, generates jobs and, ultimately, enhance the welfare of
citizens.
The
IMD World Competitiveness Rankings, established in 1989, incorporate
235 indicators from each of the 63 ranked economies to evaluate their
ability to foster an environment where enterprises can achieve
sustainable growth, generate jobs and increase welfare for its
citizens.
The
IMD Business School said it takes into account a wide range of
statistics such as unemployment, GDP and government spending on
health and education, as well as data from an executive opinion
survey covering topics such as social cohesion, globalisation and
corruption.
The
study said the Asia-Pacific region has emerged as a global beacon
with 11 out of 14 economies either improving or holding their ground.
India's
ranking has improved by one place in past one year to 43rd, driven by
a robust rate of growth in real GDP, improvements in business
legislation and an increase in public expenditure on education.
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