India has been ranked as the 58th most competitive economy on the World Economic Forum's global competitiveness index for 2018, which was topped by the US.
Among countries in the Association of Southeast Asian Nations (ASEAN), Singapore remains the most competitive, followed by Malaysia, Thailand, and Indonesia, and the Philippines. Each indicator uses a scale from 0 to 100, to signify how close an economy is to the ideal state or "frontier" of competitiveness.
WEF said this year's rankings are not comparable to previous reports, as the organization transitioned to a new Competitiveness Index. In that updated list, the U.S. finished top as well.
Other countries in the top 10 include, Switzerland (4th), Japan (5th), Netherlands (6th), Hong Kong (7th), United Kingdom (8th), Sweden (9th) and Denmark (10th).
With its strong focus on the impact of the so-called fourth industrial revolution, the report assesses what it believes is the readiness of countries to handle future changes in the business landscape. "It ranks first overall in the world in three of our twelve pillars; business dynamism, labour markets and financial system".
Russian Federation topped the competitive table among Eurasian economies and came second behind China among the BRICS nations.
The report measures national competitiveness - defined as the set of institutions, policies and factors that determine the level of productivity.
The report emphasizes the importance of trade openness for global competitiveness, saying that the "data suggests that global economic health would be positively impacted by a return to greater openness and integration" whilst also cautioning that new policies are needed for those adversely affected by globalization. The 98 indicators in the index this year were drawn from global organizations and a survey of company executives; it largely reflected long-term policies such as investing in digital skills.