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India continues to remain ranked 43rd on an annual World Competitiveness Index compiled by Institute for Management Development (IMD) with some traditional weaknesses like poor infrastructure and insufficient education investment keeping its ranking low, the international business school said on Tuesday.

Singapore has retained its top position on the 63-nation list.

Denmark has moved up to the second position (from 8th last year), Switzerland has gained one place to rank 3rd, the Netherlands has retained its 4th place and Hong Kong has slipped to the fifth place (from 2nd in 2019).

The US has moved down to 10th place (from 3rd last year), while China has also slipped from 14th to 20th place. Among the BRICS nations, India is ranked second after China, followed by Russia (50th), Brazil (56th) and South Africa (59th).

India was ranked 41st on the IMD World Competitiveness Ranking, being produced by the business school based in Switzerland and Singapore every year since 1989, but had slipped to 45th in 2017 before improving to 44th in 2018 and then to 43rd in 2019.

While its overall position has remained unchanged in the 2020 list, it has recorded improvements in areas like long-term employment growth, current account balance, high-tech exports, foreign currency reserves, public expenditure on education, political stability and overall productivity, the IMD said.

However, it has moved down in areas like exchange rate stability, real GDP growth, competition legislation and taxes.

Arturo Bris, Head of Competitiveness Center at IMD Business School, said India continues to struggle on the list and the recent country rating downgrade by Moody’s reflects the uncertainties regarding the economy’s future.

"In our ranking this year, we again emphasize the traditional weaknesses of India -- poor infrastructure, an important deficit in education investment, and a health system that does not reach everybody. For India to follow the path of China, it must stress its intangible infrastructure," Bris said.

"In a less global world, with China, USA, and Europe looking inwards, currencies like the rupee (and the Brazilian real for instance) are going to suffer and display high volatilities.

"Moody’s has threatened the country with a downgrade to junk and that would put India in a terrible position to attract foreign capital. So the urgency for the government should be to fix the short-term problems—and this requires to improve the credibility of the government itself," Bris added.

With the exception of Singapore, the Philippines, Taiwan and the Korean Republic, most Asian economies dropped in rankings this year, the IMD said.

The reason for the Asian economies’ less stellar performance as a region, this year is partly the result of the trade frictions between China and the US, particularly because these economies are highly dependent on trade with China.

About Singapore, which moved to the top rank last year, the IMD said its position is largely driven by the relative ease of setting up business, availability of skilled labour and its cutting-edge technological infrastructure.

The IMD said the impact of COVID-19 on the competitiveness ranking has partially been captured by executives’ opinions about the effectiveness of the different health systems.

In the ASEAN countries included in the survey, only Singapore and Thailand have a positive performance in the effectiveness of the health infrastructure.

Washington, Jun 17: The United States is closely monitoring the situation following a fierce clash between Indian and Chinese forces in eastern Ladakh and hopes that the differences will be resolved peacefully, officials said here.

Twenty Indian Army personnel including a colonel were killed in the clash with Chinese troops in the Galwan Valley in eastern Ladakh on Monday night, the biggest military confrontation in over five decades that has significantly escalated the already volatile border standoff in the region.

"We are closely monitoring the situation between Indian and Chinese forces along the Line of Actual Control," a State Department spokesperson said.

"We note the Indian military has announced that 20 soldiers have died, and we offer our condolences to their families," the official said.

Both India and China have expressed their desires to de-escalate and the US supports a peaceful resolution of the current situation, the spokesperson said.

"During their phone call on June 2, 2020, President Donald Trump and Prime Minister Narendra Modi had discussed the situation along the India-China border," the official added.

London: Italy on Friday recorded the most daily deaths of any country since the start of the coronavirus pandemic and Spain had its deadliest day, as British Prime Minister Boris Johnson became the first major world leader to test positive.

Italy reported 969 new deaths, Spain 769 and France 299 as Europe reeled from a crisis that has put millions at risk around the world and threatened a global economic meltdown.

In other grim milestones, AFP tallies showed a total of 300,000 cases now recorded in Europe with more than 26,000 deaths worldwide, and the United States overtook China as the country with the most infections.

Italy showed infection rates continuing a downward trend and Spain said its rate of new infections appeared to be slowing, but other countries were bracing to feel the full impact of the virus's spread.

The World Health Organization's regional director for Africa warned the continent faced a "dramatic evolution" of the pandemic, as South Africa became the latest nation to start life under lockdown and reported its first COVID-19 deaths.

Johnson, whose country has seen more than 14,000 declared coronavirus cases and 759 deaths, said he had developed mild symptoms over the previous 24 hours and was self-isolating after testing positive.

Britain's Health Secretary Matt Hancock also tested positive with mild symptoms.

Europe has suffered the brunt of the coronavirus crisis in recent weeks, with millions across the continent on lockdown and the streets of Paris, Rome and Madrid eerily empty.

In France — where nearly 2,000 people have died -- the government announced it was extending its stay-at-home order until at least April 15. While severe, the 299 new deaths it recorded on Friday was lower than the 365 reported the previous day.

The death of a 16-year-old girl from the virus has particularly shaken France, and shattered the belief of many young people that they are immune.

The girl's mother Sabine told AFP that Julie "just had a cough" at first but deteriorated quickly. She died on Wednesday, less than a week after showing her first symptoms.

"It's unbearable," Sabine said. "We were supposed to have a normal life."

Focus was also turning to the United States, where the number of known infections jumped by 18,000 on Friday, reaching more than 97,000 -- higher than both China and Italy. The US also recorded 345 deaths over the past 24 hours, with a total toll of 1,478.

In New York City, health workers are battling a surging toll of dead and infected at the US epicentre of the crisis, including an increasing number of younger patients.

"Now it's 50-year-olds, 40-year-olds, 30-year-olds," said one respiratory therapist at the Jewish Medical Center in Queens.

They "didn't listen about not going out or protecting themselves and washing their hands", he said.

- 'Afraid and lost' -

The coronavirus first emerged in China late last year before spreading globally, with more than half a million declared cases in 183 countries and territories.

Over the last six days, as many new cases have been diagnosed around the world as in the previous 80 days.

Beijing managed to contain its spread with lockdowns and quarantines and its epicentre Wuhan is in the process of easing severe movement restrictions in place for two months.

Three billion people around the world have been told to stay indoors.

In a historic first, Pope Francis performed the rarely recited "Urbi et Orbi" blessing to an empty Saint Peter's Square.

"Thick darkness has gathered over our squares, our streets and our cities; it has taken over our lives, filling everything with a deafening silence and a distressing void, that stops everything as it passes by," he said.

"We find ourselves afraid and lost," he said, describing the coronavirus as a "tempest".

Health care systems even in the most developed nations are stretched to breaking point and medical workers have been having to make difficult choices.

"If I've got five patients and only one bed, I have to choose who gets it," Sara Chinchilla, a paediatrician at a hospital near Madrid, told AFP.

The WHO's chief Tedros Adhanom Ghebreyesus said the dire lack of protective gear for frontline health workers was one of the most pressing problems in the fight to prevent deaths.

"The chronic global shortage of personal protective equipment is now one of the most urgent threats to our collective ability to save lives," he told a virtual news conference in Geneva.

Lockdowns and other measures are wreaking havoc on the global economy, with fears of a downturn worse than the Great Depression of the 1930s.

"It is clear that we have entered a recession" that will be worse than in 2009 following the global financial crisis, International Monetary Fund chief Kristalina Georgieva said Friday.

Unprecedented stimulus measures have helped markets bounce back after a brutal month, but people around the world are bracing for economic hardship.

The United States reported that 3.3 million people applied for unemployment benefits last week -- by far the highest number ever recorded.

Retail workers in particular have suffered as many countries shutter non-essential business, while airlines and the global tourism industry have been dealt devastating blows.

The fashion industry was the latest hit on Friday, with Paris men's fashion week and haute couture shows cancelled along with Milan men's fashion week.

- Armies of volunteers -

The World Tourism Organization said Friday it expected tourist arrivals to fall by 20-30 percent this year, with losses of $300 billion-450 billion in international tourism receipts.

But there have been rays of hope in the midst of the crisis.

Armed groups in Cameroon, the Philippines and Yemen have moved in recent days to reduce violence after UN Secretary General Antonio Guterres issued an appeal for ceasefires.

And armies of volunteers have emerged in many countries to bring help to the needy, with food deliveries for the elderly, free taxi rides, accommodation for health workers, and even home-sewn face masks.