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What is Competitiveness?
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What is Competitiveness?

Understanding Competitiveness in Economic Development

What is Competitiveness?

  • Competitiveness refers to how countries create optimal economic, social, and environmental conditions for development, focusing on policies, institutions, and productivity.
  • It serves as a benchmark for assessing each nation's performance in fostering economic growth and prosperity.

Importance of Competitiveness

  • Striving for competitiveness equates to striving for rising prosperity, which translates into creating more opportunities that enhance living standards.
  • A competitive economy is likely to experience sustainable growth over time.

Measuring Competitiveness

  • There are 12 key elements that drive a country's productivity, including institutional performance, infrastructure quality, macroeconomic stability, technological readiness, and innovation capacity.
  • The interplay between positive and negative changes within these elements significantly impacts overall national development.

Interconnections in Development

  • Strong innovation correlates with a well-trained workforce capable of investing in research and development while having the necessary infrastructure to facilitate movement of goods and people.

Policy Implications of Competitiveness

  • Focusing on competitiveness aids policymakers by providing insights into what drives productivity differences among countries.
  • It encompasses various societal aspects such as healthcare systems, education quality, technology development, transportation networks, financial markets, employment prospects, and overall living standards.
Video description

http://www.weforum.org/ This video explores the concept of Competitiveness and outlines the 12 vital elements that drive the productivity of a country. Competitiveness matters because it means striving for rising prosperity, and creating more opportunities for all. Each year, the World Economic Forum analyses competitiveness, and the joint efforts needed by businesses, governments and societies, to help keep the world on a path of sustained growth.