INDIA has moved up one place to rank 43rd most competitive economy in the globe while the UK has tumbled out of the world's 20 most competitive economies, a global study showed yesterday (28).
A robust economic growth, a large labour force, huge market size, and other factors have pushed India to become 43rd most competitive economy in the globe, according to the 2019 edition of the IMD World Competitiveness Rankings.
India was ranked 45th in 2017, but higher at 41st in 2016.
The UK has moved out of the world's 20 most competitive economies due to slowing economic growth, political instability, and an increasingly interventionist government, said IMD World Competitiveness Centre, which compiles the ranking.
The latest ranking has kept Britain in the middle of the table, which comprises 63 countries.
The 23rd place is Britain’s worst performance in the report’s 21-year history.
Singapore has ranked as the world’s most competitive economy for the first time since 2010 as the US slipped from the top spot, while economic uncertainty took its toll on conditions in Europe.
Competitiveness across Europe has struggled to gain ground with most economies on the decline or standing still.
The Nordics, traditionally a powerhouse region for competitiveness, have failed to make significant progress this year, while ongoing uncertainty over Brexit has seen the UK fall from 20th to 23rd.
The Asia-Pacific region emerged as a beacon for competitiveness, with 11 out of 14 economies either improving or holding their ground, led by Singapore and Hong Kong SAR at top of the global chart.
Economists regard competitiveness as vital for the long-term health of a country’s economy as it empowers businesses to achieve sustainable growth, generate jobs and, ultimately, enhance the welfare of citizens.
The IMD World Competitiveness Rankings, established in 1989, incorporate 235 indicators from each of the 63 ranked economies.
The IMD Business School said it takes into account a wide range of statistics such as unemployment, GDP and government spending on health and education, as well as data from an executive opinion survey covering topics such as social cohesion, globalization and corruption.
This information feeds into four categories- economic performance, infrastructure, government efficiency and business efficiency - to give a final score for each country, said IMD World Competitiveness Centre.
Elon Musk’s aerospace company SpaceX has suffered its third consecutive rocket launch failure after its Starship spacecraft lost control shortly after lift-off and crashed into the Indian Ocean.
The incident occurred on Tuesday night during an attempted mission to deploy satellites into orbit. Shortly after launch, the spacecraft experienced issues when the release door failed to open properly. This resulted in the rocket spinning out of control, ultimately leading to its destruction over the Indian Ocean.
SpaceX confirmed that the spacecraft experienced a “rapid unscheduled disassembly” – a term the company uses for mid-air break-ups. “Teams will continue to review data and work toward our next flight test,” the company said in a statement published online.
Despite the failure, Musk described the attempt as a “big improvement” on previous test flights, which ended with wreckage scattered over the Atlantic Ocean. He also announced plans to accelerate the testing schedule, with the next three launches expected to occur every three to four weeks.
— (@)
This particular flight marked the first time a recycled booster was used as part of the rocket’s construction. Although SpaceX successfully demonstrated booster-catching technology last year, there were no plans to retrieve the booster during this flight. Instead, it disintegrated over the Gulf of Mexico.
Earlier this year, two previous Starship launches also ended in failure shortly after take-off, with both rockets crashing into the ocean before clearing the Caribbean. No injuries or major damage were reported, though the incidents did cause some disruption to air traffic.
In preparation for the latest attempt, the Federal Aviation Administration had approved the launch while expanding the safety hazard zone and scheduling the lift-off outside peak air travel hours. SpaceX also introduced upgrades to the spacecraft, including modified thermal tiles and new catch fittings designed for future recovery tests.
Although this flight was intended to end in the Indian Ocean, the modifications were part of long-term plans to return spacecraft to the launch site eventually.
The repeated failures come at a crucial time for SpaceX, which is under pressure to demonstrate progress with its Starship programme. Nasa is relying on the system for future lunar missions, including an uncrewed flyby of the moon next year, followed by a planned lunar landing with astronauts in 2027.
THE INTERNATIONAL MONETARY FUND (IMF) on Tuesday raised its UK growth forecast for 2025 to 1.2 per cent from 1.1 per cent estimated last month, citing strong business investment in the first quarter of this year.
The IMF said growth would be supported by “very strong” performance in the first three months of the year, with better-than-expected business investment.
The IMF also warned that global trade tensions would reduce UK growth by 0.3 per cent for the rest of this year. “Persistent uncertainty, slower activity in UK trading partners, and the direct impact of remaining US tariffs on the UK” would weigh on growth, the IMF said.
The Fund kept its estimate for UK growth in 2026 at 1.4 per cent.
The Labour government welcomed the updated forecast. Chancellor Rachel Reeves said three new trade agreements — with the US, EU and India — would help with “protecting jobs, boosting investment and cutting prices.”
The UK and the US reached a deal this month to reduce tariffs on British cars and remove tariffs on steel and aluminium. In exchange, Britain will allow more US beef and other farm products into its markets. However, a 10-per cent levy on the UK, imposed as part of Donald Trump’s tariffs on key trading partners, remains in place.
The IMF said the three trade deals were “just first steps.” IMF mission chief to the UK Luc Eyraud said at a press briefing: “We see them as very important at the sectoral level, but not necessarily impacting massively or significantly our forecast.”
The IMF said “persistently weak productivity remains the UK's primary obstacle to lifting growth and living standards.”
UK gross domestic product grew by 0.7 per cent in the January-to-March period, according to official data.
The Bank of England has also increased its growth forecast for this year but reduced its estimate for 2026. It cited heightened economic uncertainty due to Trump’s tariffs.
(With inputs from agencies)
Keep ReadingShow less
BYD's rapid growth in the UK is attributed to its record-breaking sales
Chinese electric vehicle (EV) manufacturer BYD has made significant strides in the UK automotive market, achieving remarkable growth and establishing a strong presence. Here are five key developments highlighting BYD's expansion in the UK:
1. Record-breaking sales in Q1 2025
In the first quarter of 2025, BYD sold 9,271 passenger cars in the UK, surpassing its total sales for the entire year of 2024, which stood at 8,787 units. This represents a 625% increase compared to Q1 2024. The company's market share also grew from 0.45% in 2024 to 1.6% in Q1 2025, with a peak of 1.8% in March alone.
2. Expansion of retail network
Since its UK launch in March 2023 with the ATTO 3 SUV, BYD has rapidly expanded its retail footprint. The number of retail sites grew from 14 in January 2024 to 60 by December 2024, with plans to reach up to 100 dealerships by the end of 2025. This expansion has been instrumental in increasing brand visibility and accessibility across the UK.
3. Focus on the fleet market
BYD has strategically targeted the fleet sector to drive growth. In 2024, fleet channels, including Motability, rental, and true fleet, accounted for 61% of BYD's UK registrations, with true fleet alone comprising 47%. The company has also partnered with leasing firms and service providers to enhance after-sales support and build trust within the fleet industry.
4. Introduction of new models
BYD continues to diversify its product lineup in the UK. The SEAL U DM-i, a plug-in hybrid electric vehicle (PHEV), became the best-selling model in its segment in March 2025, while the all-electric SEAL ranked as the seventh most popular pure EV. Additionally, the company introduced the SEALION 7, an all-electric SUV offering up to 312 miles of range, further strengthening its market position
5. Enhanced brand recognition
BYD's aggressive marketing efforts have significantly boosted brand awareness in the UK. Brand recognition increased from 1% in 2023 to 31% in 2024, aided by strategic sponsorships and partnerships, including high-profile events like Euro 2024. These initiatives have played a crucial role in establishing BYD as a prominent player in the UK's EV market.
BYD's rapid growth in the UK is attributed to its record-breaking sales, expansion of the retail network, focus on the fleet market, introduction of new models, and enhanced brand recognition. These strategic moves have positioned BYD as a formidable competitor in the UK's electric vehicle landscape.
Keep ReadingShow less
Prime Minister Keir Starmer said boosting indigenous workforce, and controlling migration are his two goals
A record £3 billion will be invested by Britain to enhance training opportunities for local workers and reduce reliance on migrant labour, the government announced on Tuesday.
Prime Minister Keir Starmer said that strengthening the domestic workforce and controlling migration are his twin priorities.
The investment aims to create 120,000 new training opportunities in key sectors such as construction, engineering, health and social care, and digital. The move seeks to realign the skills landscape in favour of young, homegrown talent.
The UK’s economic inactivity rate has been rising since the Covid-19 pandemic and currently stands at 21.4%. Official data shows that more than one in five working-age Britons are not in employment and are not actively seeking work.
Since the local election success of the right-wing, anti-immigration Reform UK party in May, the Labour government has come under pressure to reduce immigration. In response, it plans to tighten citizenship rules, limit skilled worker visas to graduate-level roles, and require companies to invest in training local staff.
A proposed 32% increase in the immigration skills charge is intended to discourage businesses from hiring migrant workers, according to Tuesday’s official statement. This rise could help fund up to 45,000 additional training placements to strengthen the domestic workforce and reduce dependency on foreign labour in priority sectors.
However, businesses have expressed concerns, arguing that they are struggling to recruit enough local workers and that tougher immigration rules could harm the economy unless the country significantly improves its job training infrastructure.
Starmer declared that “the open border experiment has come to an end” with these new measures.
Keep ReadingShow less
A key factor behind the latest rise in food inflation is the sharp increase in beef prices
Rising beef prices and costlier fresh produce have driven UK food inflation to its highest rate in a year, according to new figures from the British Retail Consortium (BRC).
In its latest report, the BRC said food prices rose by 2.8% in the year to May, up from 2.6% in April, marking the fourth consecutive monthly increase.
Helen Dickinson, chief executive of the BRC, said retailers were facing growing cost pressures, including higher minimum wages and increased employer National Insurance contributions, which were being passed on to consumers.
A key factor behind the latest rise in food inflation is the sharp increase in beef prices. Nick Allen, chief executive of the British Meat Processors Association, said the price of beef had reached “record levels” due to strong consumer demand and falling supply.
“There’s been a consistent rise in the farm price for beef, and it’s now at a record high,” Mr Allen told the BBC. “Supermarket competition previously kept prices in check, but it was only a matter of time before costs reached consumers.”
Mr Allen added that the industry was finding it difficult to meet the growing demand for beef, and suggested government support had focused more on environmental schemes than on food production.
Jilly Greed, a Devon-based arable farmer and beef producer, explained the price surge was being driven by basic economics. “There’s a 5% shortfall in cattle on the land and a 1% rise in consumer demand. That combination has significantly pushed prices up,” she said, noting the impact was being felt across the supply chain.
The BRC noted that red meat lovers “may have noticed their steak got a little more expensive” in recent weeks.
Tomas Maunier, co-founder of the steakhouse chain Fazenda, said beef prices had jumped by around 20% over the past year, with much of the rise occurring in the past six months. “We’ve passed on about 2% of our increased running costs to customers,” he said. “But we can’t pass on the full increase.”
The latest inflation data raises concerns that ongoing pressures in the meat and produce markets could continue to drive up food prices in the coming months.
Justin Bieber faces backlash for ‘I love you’ comment on 17-year-old star Ariana Greenblatt’s post