Measuring Competitiveness
The WEF (World Economic Forum) breaks down countries' competitiveness into 12 areas. These are grouped into three sub-categories.
- Basic requirements: Institutions, infrastructure, macroeconomic environment, and health & primary education.
- Efficiency enhancers: Market size, goods market efficiency, labour market efficiency, financial market development, higher education and training, technological readiness.
- Innovation and sophistication: Business sophistication, and innovation.
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Basic drivers of competitiveness such as infrastructure, health, education, and markets will always be important, but the data suggests that a nation's performance regarding technological readiness, business sophistication and innovation is as important in driving competitiveness and grow...
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