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Business EconomyPosted at: Oct 19 2018 7:08AM


The results demonstrate a strong correlation between competitiveness and income level. For instance, high-income economies make up the entire top 20 and only three non-high-income economies feature in the top 40: Malaysia (25th), China (28th), and Thailand (38th).
However, some economies are over-performers and others under-performers when it comes to putting in place the building blocks of competitiveness at their current level of income.
Economies that underperform in competitiveness given their current income level may have difficulty sustaining that level without improving their competitiveness. Countries who want sustained growth
and rising income levels must invest beyond their current areas of strength.
The financial system continues to be a source of weakness in some economies.
The Global Competitiveness Index 4.0 introduces a new measure of financial stability.
Building on the learning from the global financial crisis, this composite indicator captures the sturdiness of the banking sector, using measures such as the soundness of banks, nonperforming loans, the difference between the credit supply and its trend, and banks’ regulatory capital ratio.
According to this methodology, Finland, Hong Kong SAR, Switzerland, Luxembourg and Norway have the most stable financial markets (all scoring above 95), while India, China, Russia and Italy—all with a score of 84 or less—are among the G20 economies that present specific vulnerabilities in their financial systems.

India’s financial system stability is mainly held back by relatively low performance on soundness of banks and regulatory capital ratios.
China’s stability is threatened by the rapid growth of private credit while Russia’s financial system stability is somewhat limited by the relative fragility of its banks.
The top performers in the upper- and lower middle-income brackets, such as China and India, are catching up with or even outperforming the average among high-income economies.
China, for example, is already more advanced when it comes to investing in research and development sub-pillar than the average high-income economy, while India is not far behind and
let down only by its less-efficient bureaucracy for business creation and insolvency, according to .
PHD Research Bureau, compiled from Global Competitiveness Report 2018.
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