- The Global Competitiveness Index 2019 (GCI 4.0) has been released by the World Economic Forum (WEF). The 2019 edition of the index covers 141 economies which is equal to 99% of the world GDP. The index is based on 103 indicators and data from international organisations as well as the World Economic Forum. Introduced in 2018, GCI 4.0 is the fourth and latest iteration of the Global Competitiveness Report.
The indicators are organised into 12 pillars, namely-
- Institutions
- Infrastructure
- ICT adoption
- Macroeconomic stability
- Health
- Skills
- Product market
- Labour market
- Financial system
- Market size
- Business dynamism
- Innovation capability
Global Findings
- The average Global Competitiveness Index (GCI) OF THE 141 economies is 60.7.
- According to the index, the world is not on track to meet most of the 17 United Nations’ Sustainable Development Goals by the deadline of 2030 when only a decade is left to achieve the goals.
- With a score of 84.8 out of 100, Singapore has topped the Global Competitiveness Index 2019. The country is first in terms of infrastructure, health, labour market functioning and financial system.
- United States has been ranked 2nd on the index while Hong Kong SAR is placed third.
- The US has remained the most competitive large economy in the world while Hong Kong as climbed four places from the previous year rankings.
- The United States and Hong Kong are followed by The Netherlands to rank fourth on the Index.
- The Netherlands is followed by Switzerland and Japan to rank respectively 5th and 6th on the index.
- Among the BRICS nations, China is by far the best performer and has been ranked 28th on the index.
- Only four economies—Germany, United States, Switzerland and Taiwan (China) have scored above 80 on the Innovation capability pillar.
- Chad has been ranked last in the index i.e. 141st with a score of 35.1 out of 100.
Top 5 Countries on the Index
| Rank | Country | Score |
|---|---|---|
| 1 | Singapore | 84.8 |
| 2 | United States | 83.7 |
| 3 | Hong Kong SAR | 83.1 |
| 4 | The Netherlands | 82.4 |
| 5 | Switzerland | 82.3 |
Bottom 5 Countries on the Index
| Rank | Country | Score |
|---|---|---|
| 137 | Mozambique | 38.1 |
| 138 | Haiti | 36.3 |
| 139 | Congo, Dem. Rep. | 36.1 |
| 140 | Yemen | 35.5 |
| 141 | Chad | 35.1 |
India - Key Findings
- India has been ranked 68th on the Global Competitiveness Index 2019.
- India has dropped down to 10 places from the previous rankings. India was ranked 58th in the previous Global Competitiveness Index.
- India is among the worst-performing BRICS nations.
- India has been ranked low (Beyond 100) on 5 pillars and in top 50 on 4 pillars.
- However, India has been ranked high on macroeconomic stability (90, 43rd) and market size (93.7, 3rd).
- India's Financial sector (69.5, 40th) is relatively deep and stable despite the high delinquency rate (10% of the loan portfolio, 106th), which contributes to weakening the soundness of its banking system (60.4, 89th).
Questions
Q1. Which organization has released Global Competitiveness Index 2019?1. World Bank
2. World Economic Forum
3. United Nations
4. International Monetary Fund
5. Global Competition Organisation
Answer- (2)
Explanation- The Global Competitiveness Index 2019 (GCI 4.0) has been released by the World Economic Forum (WEF).
Q2. Which country has topped the Global Competitiveness Index 2019?
1. Japan
2. Hong Kong SAR
3. The Netherlands
4. Singapore
5. United States
Answer- (4)
Explanation- With a score of 84.8 out of 100, Singapore has topped the Global Competitiveness Index 2019. The country is first in terms of infrastructure, health, labour market functioning and financial system.
Q3. How many countries have been included to prepare the Global Competitiveness Index 2019?
1. 143
2. 140
3. 141
4. 150
5. 161
Answer – (3)
Explanation- The 2019 edition of the Global Competitiveness Index covers 141 economies, which is equal to 99% of the world GDP.
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