Worldwide Governance Indicators (WGI)

Recently, Chief Economic Adviser of India stressed on the need for the World Governance Index to be more transparent and less subjective as it has been used for ratings assessment by credit ratings agencies.

The WGI is developed in 1999 by 2 World Bank researchers and the data will be updated annually every September.

It is released by the World Bank (WB).
Objective - To help researchers and analysts assess broad patterns in perceptions of governance across countries and over time.
It provide a ranking of 215 countries territories.
Criteria – It is based on 6 dimensions of governance

Data Source – It aggregate data from more than 30 think tanks, international organizations, NGOs, and private firms across the world selected on the basis of 3 key criteria
- They are produced by credible organizations.
- They provide comparable cross-country data.
- They are regularly updated.
Issues – Data’s are based on subjective opinions of some institutions which might be erroneous or manipulated.

Credit rating – It is an assessment of the creditworthiness of a borrower (individual, corporation, state or provincial authority, or sovereign government) in general terms or with respect to a particular debt or financial obligation.

Credit rating agency (CRA) - It is a company that assigns credit ratings and there are 6 credit rating agencies registered under SEBI namely, CRISIL, ICRA, CARE, SMERA, Fitch India and Brickwork Ratings.

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