Singapore tops the list in World Competitive Ranking 2020

World Competitiveness Ranking 2020

Singapore tops the list in World Competitive Ranking 2020

The International Institute for Management Development(IMD), Switzerland operates a Business Education School and publishes about the World Competitiveness Ranking based on Economy globally.

The Ranking list would be published every year by the IMD and currently the Ranking for the year 2020 was released. Singapore retained it’s last year ranking and Ranked as No.1 for the current year 2020. In 2019, Hong Kong and USA were stood at 2nd and 3rd position respectively.

The Ranking would be decide and based on Four Parameters – Economic Performance, Government Efficiency, Business Efficiency and Infrastructure. For the 2020, Denmark is in Second rank and Switzerland at third globally.

Netherlands and Hong Kong were at Fourth and Fifth Ranking respectively. Sweden was moved to 6th Position. Norway, Canada and UAE were the 7, 8 and 9th Place. It is worth noting that the USA, which ranks third in the World Competitiveness Ranking 2019 and now moved to 10th Position.

India ranks 43rd and it is notable that the country retained it’s previous year’s ranking, while it was at 41st in the year 2016. India ranks 37th globally based on Economic Performance and 50th based on Government Efficiency. On Business Efficiency, India were listed at 32nd and 49th in Infrastructure.

Taiwan under the Republic of China, advanced to 11th Rank and at the same time, China went down to 20th position from the 14th Position. The Said above data included about 63 Countries and Venezuela ranked at 63rd position.

The USA and China are currently lagging behind the Leading Economies. The Economic Performance is included with Domestic Economy, International Trade, International Investments, Employment and Prices in a Country.

By the Government Efficiency, it includes with Tax Policies, Institutional and Societal Framework, Business Legislation and Public Finance.

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