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In a big jump, India has moved up 16 positions to rank 55th on a global index of the world's most competitive economies but is way behind China which is holding steady at rank 28. Amongst SAARC regions, Pakistan stands at 126th spot, up three places in comparison to last year.
The jump in India's position underlines the country's recent economic recovery, improvement in the competitiveness of the country's institutions and its macroeconomic environment and a "slight improvement" in infrastructure, says the World Economic Forum in its latest survey.
Meanwhile, nations that have made it to the top ten league of most competitive economies are.......
Switzerland
Rank: 1
Globally, Switzerland has retained its top position as the world's most competitive economy for seventh year.
Switzerland is a gateway to European Union markets. Business friendly policies make it a popular destination for MNCs to set up shops here. It is also popular for maintaining close economic ties with other countries.
Singapore
Rank: 2
Singapore is the world’s second most competitive economy which is not only known for its global business strategies, but it is also considered to be the best place to set up business in a hassle-free environment. The country is best known for maintaining its competitive edge across sectors.
US
Rank: 3
A highly skilled workforce in the US makes it an ideal place for foreign companies to set up businesses here. The country is committed to investing in research and development which has enabled it to become a highly industrialised economy.
Finland
Rank: 4
Finland has a very robust financial system and hence fund accessibility is easier than other nations. Tax rates are low which certainly lures global companies to invest in the country.
It houses clean cities which are multi-cultural in nature, which motivates global firms to shift their base here.
Germany
Rank: 5
Germany boasts of world class innovation and hence global firms are keen to set up shops in this country. Its strategic location, highly educated workforce and strong trade agreements with other countries are strong enough reasons to attract global investors.
Japan
Rank: 6
A diverse economy, strong work force and business-friendly policies make most cities in Japan ideal locations for setting up businesses. High growth prospects and quality of life are am added advantage.
Hong Kong
Rank: 7
Hong Kong has a very stable business environment which is quite encouraging for new entrepreneurs.
The country is known for a high level of personal freedom and its existing laws are investor-friendly.
Those who are already doing business in the country find prevalent foreign investment policy quite attractive.
Netherland
Rank: 8
Netherlands is one of the few economies which has a robust financial system and it is one of the most open and forward looking nations in the world.
This is the reason why global firms like Unilever, Philips and Heineken have set up shops in the country.
United Kingdom
Rank: 9
UK has a highly developed infrastructure for setting up any kind of business. It can boast of an extremely talented and focused workforce in almost all sectors. Also, the regional authorities are very supportive of foreign investment into the country.
Sweden
Rank: 10
Sweden has a transparent business environment where corporate houses are not given undue favours.
Its legal framework is simple and the authorities do not delay credit sanctions. These factors are strong enough for global business houses to set up shops in the country.