Katie Lance
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Katie Lance in Economics & Politics,

Modi powers India up ranking of most competitive economies

After five consecutive years of decline, India has jumped 16 places to 55th in the World Economic Forum's ranking of the most competitive economies.

Call it the "Modi Effect."

"This dramatic reversal is largely attributable to the momentum initiated by the election of Narendra Modi, whose pro-business, pro-growth, and anti-corruption stance has improved the business community's sentiment toward the government," the group said in its report.

The WEF also noted the government's budget deficit has gradually dropped after hitting a peak in 2008, though it remains one of the highest in the world.

Globally, economies are still struggling to shake off the 2008 financial crisis, according to the WEF. The recovery has taken longer than expected, and recent geopolitical shocks, terrorism and the migrant crisis have added to economic difficulties.