India has moved up 16 places in the World Economic Forum’s global competitiveness ranking and ranked 55 out of 140 countries where Switzerland remains on top.

India has ranked as 55 out of 140 countries in the World Economic Forum’s global competitiveness ranking. India has moved up 16 places compared to last year 71 out of 144. As per the World Economic Forum (WEF) latest Global Competitiveness report, the improvement in the competitiveness of the country’s institutions and its macroeconomic environment and slight improvement in infrastructure is the reason to India to jump 16 places compared to last year.

Switzerland has reserved the top position as the world’s most competitive economy for seventh year and Singapore, the US, Germany and the Netherlands secured top five positions followed by Japan, Hong-Kong, Finland, Sweden and the UK are in the top ten lists. Among all these emerging economies India has ranked 55th position.

As per WEF, the most problematic factors in India to do business are corruption, policy instability, inflation and access to finance. The improvement in various economic businesses in India including quality of education system, public trust in politicians, burden of government regulation and others are the reasons for 55^th position this year.

Elsewhere, Turkey dragged down to 51^st position as well as Brazil dragged to 75^th position due to the macroeconomic variability and loss of trust in public institutions.  Whereas China secured with same position as 28. WEF has conducted the study on 140 countries basis of factors driving their productivity and prosperity.