The World Economic Forum (WEF) on October 16, 2018, released the Global Competitiveness Report 2018. The report publishes the Global Competitiveness Index, ranking 140 countries on the basis of 98 indicators organised into 12 pillars. These 12 pillars are Institutions; Infrastructure; ICT adoption; Macroeconomic stability; Health; Skills; Product market; Labour market; Financial system; Market size; Business dynamism; and Innovation capability.
1. The report states that the global economy is projected to grow by nearly 4 per cent in 2018 and 2019.
2. On the list of 140 economies, the United States topped the list with a score of 85.6, followed by Singapore and Germany at the second and the third positions respectively.
3. Other countries in the top 10 include Switzerland (4th), Japan (5th), Netherlands (6th), Hong Kong (7th), United Kingdom (8th), Sweden (9th) and Denmark (10th).
4. In Europe, Sweden is ranked the highest among the Nordic economies at 9th position, while France (17th) is among the top 20. Countries such as Germany and Switzerland set global standards for innovation.
5. Chile (33rd) leads the Latin America and the Caribbean region by a wide margin, ahead of Mexico (46th) and Uruguay (53rd). Insecurity and weak institutions are two of the biggest challenges for most countries in the region.
6. India remained the “South Asia’s main driving force” with 58th rank.
7. Among the BRICS economies, China topped the list at 28th place with a score of 72.6, followed by Russia, India, South Africa and Brazil respectively.