File photo. Photograph:( Reuters )
Launched in 1979, the Global Competitiveness Index (GCI) maps the competitiveness landscape of 141 economies through 103 indicators such as inflation, digital skills, life expectancy, trade tariffs.
India slipped ten places to rank at 68th spot on the Global Competitiveness Index(GCI) while Singapore became the world's most competitive economy pushing the US to the second rank.
Launched in 1979, the GCI maps the competitiveness landscape of 141 economies through 103 indicators such as inflation, digital skills, life expectancy and trade tariffs.
India, which was ranked 58th in the annual Global Competitiveness Index compiled by Geneva-based World Economic Forum (WEF), is among the worst-performing BRICS nations along with Brazil which ranked even lower than India at 71st this year.
China was ranked at 28th spot same as last year but took the lead in terms of competitiveness among the BRICS economies.
Meanwhile, Singapore replaced the US as the world's most competitive economy. It scored for its superior public sector, labour force, diversity and infrastructure.
Hong Kong, Netherlands and Switzerland followed at third, fourth and fifth place respectively.
In the index, India was followed by some of its neighbours including Sri Lanka at 84th place, Bangladesh at 105th, Nepal at 108th and Pakistan at 110th place.
Here are the 10 most competitiveness economies of the world.
2. United States
3. Hong Kong
9. United Kingdom
The report cautioned that the constantly changing geopolitical backdrop and escalating trade tensions have increased uncertainty in the global economy which could lead to an economic slowdown.
Watch: Cautious optimism about Indian economy
The WEF reminded policymakers of the necessity to take a "holistic approach" on planning, focus on quality-centred development, and further balance the relationship among short-term factors, quarterly reports and electoral cycles.
"The international trading system is [not] perfect, it needs to be improved. There are some issues in the international trading system, but this rule-based system is the way to go. Increasing tariff is not helping at all. And yes, it's bad, this kind of protectionism is bad. It's the uncertainty that this tension creates that is affecting the business sentiment and could actually accelerate the downturn, that is for the global economy, there seems to be a downturn coming," said Thierry Geiger, head of analytics and quantitative research on global competitiveness and risks.
The report further stressed the importance of openness, with experts urging the importance of greater investment in education, skills training and a more balanced and inclusive development model that will contribute to the healthy development of the global economy.
(With inputs from agencies)