UPSC Prelims 2019 Q3: Indian Economy – International Institutions & Reports
- (a) International Monetary Fund
- (b) United Nations Conference on Trade and Development
- (c) World Economic Forum
- (d) World Bank
Answer: (c) World Economic Forum
Explanation
Global Reports and Their Publishers
| Report | Publisher |
|---|---|
| World Economic Outlook | IMF |
| Trade and Development Report | UNCTAD |
| Global Competitiveness Report | World Economic Forum (WEF) |
| World Development Report | World Bank |
| Human Development Report | UNDP |
| Global Risks Report | WEF |
The Global Competitiveness Report (GCR) ranks countries on 12 pillars of competitiveness (institutions, infrastructure, macroeconomic stability, health, education, market efficiency, innovation etc.). It is published annually by the World Economic Forum (WEF), Geneva.
Answer: (c) World Economic Forum.
Why each option is right or wrong
- (a) Incorrect. IMF publishes World Economic Outlook and Global Financial Stability Report, not the Global Competitiveness Report.
- (b) Incorrect. UNCTAD publishes the Trade and Development Report and World Investment Report.
- (c) CORRECT. WEF (Geneva) publishes the annual Global Competitiveness Report ranking economies on 12 pillars.
- (d) Incorrect. World Bank publishes the World Development Report, Doing Business Report (discontinued) and Ease of Doing Business Index.
Key point
GCR = World Economic Forum. WEF also publishes Global Risks Report, Global Gender Gap Report, Global Human Capital Report and Travel & Tourism Competitiveness Report.
Remember
The Global Competitiveness Report is published by the World Economic Forum (WEF), Geneva. WEF is also known for its annual Davos summit and other flagship reports like Global Risks Report and Global Gender Gap Report.
Common mistakes
- Confusing WEF with World Bank. WEF is a Swiss NGO (Davos summit); World Bank is a multilateral lender.
- Assuming any 'competitiveness' index is from WTO or World Bank - the flagship one is WEF.
- Mixing up GCR with the IMD World Competitiveness Yearbook (published by IMD Business School, Lausanne).
Exam tip
Memory hook: WEF = 'W'orld competitiveness. World Bank = 'W'orld development. IMF = 'W'orld economic outlook. UNCTAD = trade & investment.
Sources
- World Economic Forum - Global Competitiveness Report methodology page
- NCERT Class 11 - Indian Economic Development (International institutions)