What is the rank of India on the annual World Competitiveness Index for the year 2022?

Solution

Switzerland-based Institute of Management Development (IMD) has released the World Competitiveness Index 2022. About the Index : IMD's 2022 World Competitiveness Ranking measured the economic competitiveness of 63 economies by analysing 163 pieces of hard data, taken from multiple sources and covering the 2021 period. It added its survey responses to this; the majority of answers were given in the first quarter of 2022 by senior executives. All data was then fed into four factors -- economic performance, government efficiency, business efficiency and infrastructure, each with sub-factors. Key Findings: The three most important trends found to be impacting businesses in 2022 are inflationary pressures (50 per cent), geopolitical conflicts (49 per cent) and supply chain bottlenecks (48 per cent) with COVID being the fourth (43 per cent). Top Ranked Nations : Denmark has moved to the top of the 63-nation list from the third position last year, while Switzerland slipped from the top ranking to the second position and Singapore regained the third spot. Others in the top 10 include Sweden at the fourth position, followed by Hong Kong SAR (5th), the Netherlands (6th), Taiwan (7th), Finland (8th), Norway (9th) and the USA (10th). Top Ranked Asian Nations : Meanwhile, the top-performing Asian economies are Singapore (3rd), Hong Kong (5th), Taiwan (7th), China (17th) and Australia (19th). India’s Rank : India has jumped six positions to 37th rank on the annual World Competitiveness Index for the year 2022 on the back of better economic performance. India's ranking in the index has improved after no change for three years i.e. 2019, 2020 and 2021. During these years, India's competitive ranking stayed the same at 43. In 2018, it was 44.