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All About Global Competitiveness report

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➢ The Global Competitiveness Report (GCR) is a yearly report published by the World Economic Forum
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➢ It was first published in the year 1979

➢ The Global Competitiveness Report is designed to help policy-makers, business leaders and other stakeholders around the world shape their economic strategies and annual assessment of the drivers of long-term growth.

➢ The 2018 edition of the GCR represents a milestone in the four-decade history of the series, with the introduction of the new Global Competitiveness Index 4.0

➢ GCI 4.0 index highlights an emerging set of drivers of productivity and long-term growth in the era of the Fourth Industrial Revolution

WEF was founded in 1971 as a not-for-profit organization by Professor Klaus Schwab ,who is the founder and executive chairman of World Economic Forum.

✓ It is based in Geneva , Switzerland.

✓ It gained formal status in January 2015 confirming the role of the Forum as an International Institution for Public Private Cooperation.

US has topped the GCI 4.0 , with a competitiveness score of 85.6, it is just 14 points away from the frontier mark of 100 Agrilearner

➢ The frontier of Global Competitiveness Index means the ideal state, where a country would obtain the perfect score on every component of the index. Agrilearner

➢ The GCI 4.0 framework is built around 12 main drivers of productivity which are called as the pillars of productivity Agrilearner

➢ GCI assesses the microeconomic and macroeconomic foundations of national competitiveness

➢ These include set of institutions, policies, and factors that determine the level of productivity of a country , which is considered as the most important determinant of long-term growth.

➢ According to the Global Competitiveness Report 2018 of World Economic Forum, India ranks 58 , out of 140 economies agrilearner

➢ The country has registered the largest gain of any country in the G20

➢ According to the report, the top performers in the “upper and lower middle-income brackets” are China and India and they are catching up with or even outperforming the average among high-income economies.

➢ Among the BRICS economies, China has topped the list , being 28th place , ahead of the Russian Federation (43rd), India (58th), South Africa (67th), and Brazil (72nd)

➢ India, however is dubbed as the “South Asia’s main driving force”
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➢ In the index of 2017-18 , India was placed at 40th spot among 137 countries.
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➢ The World Economic Forum (WEF) , in October 2018 , has announced its new Centre for Fourth Industrial Revolution in India.

➢ The Centre will be based in Maharashtra.

➢ It will be fourth center in chain-ones as part of WEF’s global network along with San Francisco (US), Tokyo (Japan) and Beijing (China) which are already functioning.
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➢ The Centre will facilitate to bring together government and business leaders to pilot emerging technology policies. It has selected drones, artificial intelligence and blockchain as the first three project areas.
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➢ NITI Aayog will coordinate partnership on behalf of government and work of Centre among multiple
ministries.

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