Competitiveness is defined as economic productivity measured by WEF. It is measured using the newly introduced concept of the GCI based on four key metrics.
Human capital: It includes the health, education, and training sector.
Health and primary education: which look at the factors like state of public health, quantity, and quality of basic education.
Higher education and training: It analyses factors such as quantity and quality of higher education and quality and availability of on-the-job training.
Enabling environment: It includes infrastructure, institution, macroeconomic activity, and technological readiness.
Infrastructure: It is basically about the availability and quality of electricity, transport, and communication infrastructures.
Institutions: There are two types of institutions, public institutions and private institutions, which have concepts related to efficiency and transparency of public administration, property protection rights, physical security, independence of the judiciary, corporate governance and, business ethics.
Macroeconomic activity: This section deals with fiscal and monetary indicators, saving rates, and sovereign debt rating.
Technological readiness: It is about the adoption of technologies by individuals and businesses.
Financial market development: This sector is about the efficiency, trustworthiness, and stability of the financial and banking system.
Market size: It encompasses the size of domestic and export markets Innovation ecosystem â€“ It includes innovation capabilities and business dynamics
Innovation capability: It is about the capacity for technological innovation and commitment to technological innovation.
Business dynamic: It measures the efficiency and business sophistication of business processes in the country.
Hence, countries’ competitiveness is the average of these 12 pillars, categorized in the above four metrics.
Most Competitive Countries
Many countries excel in many sectors, but only one can be at the top. Singapore maintained its position as the world’s most competitive country for the last 2 years on GCI. The nation developed health sector, labor market, infrastructure, and financial system all together contributed to the rank first. However, there are factors in which Singapore lags, such as freedom of the press and the low commitment to sustainability. Denmark had improved its position on the index from the 8 most competitive country in 2019 to the second most competitive country in 2020. The ranking shows that Switzerland managed to come up by one place compared to last year and become the third most competitive country globally. The Netherlands secured fourth place on the index. And Hong Kong has fallen from second place in 2019 to fifth place in 2020. Hence, these are the five top competitive countries in the world. It can be seen that countries like Denmark, Switzerland, Netherlands, Taiwan, South Koreas, Philippines managed to improve their position on the GCI. Whereas countries like Hong Kong, U.S., China, Malaysia, Japan noticed a dip in their position on GCI. India secured 43 ranks both the year on GCI.
Importance of Countries Competitiveness
Like companies’ countries compete with one another. Companies compete for market share, capital investors, the marketplace for customers, and value creation. Whereas countries’ competition is for trade in goods, investments, trade in services and, tourism. Countries’ competitiveness is important for both developed and developing nations. People are in the middle of a growing open and integrated world economy where countries compete with one another for investment and human capital, which helps them in their economic growth. The score of the global competitiveness index provides insight into the performance of a country and its attractiveness as a nation in the world economic sphere.
For international investors GCI published by WEF is very important to track as every year it covers 142 countries, representing 99% of the world’s GDP. Hence, people can say that now the entire world is covered with these reports.
Two reasons for which this global ranking is important are as follows:
It works as a diagnostic tool that underlines the challenges people have to overcome and the strengths people can build on to become the most competitive country.
Investors closely track the indicators and use the information to assess countries standing on various metrics, used in forming a ranking on the global competitiveness index.
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