The Global Competitiveness Index (GCI) is a global study on the basis of which ranking of countries in terms of economic competitiveness in the world is formed. The World Economic Forum defines competitiveness as the ability of the country and its institutions to ensure stable economic growth, which would be stable in the medium term. GCI is determined by numerous and very diverse factors which were divided into three subindexes: Basic requirements, Efficiency enhancers, Innovation and sophistication factors. The index is composed of 12 pillars of competitiveness. They are Institutions, Infrastructure, Macroeconomic Stability, Health and Primary Education, Higher Education and Training, Goods Market Efficiency, Labour Market Efficiency, Financial Market Sophistication, Technological Readiness, Market Size, Business Sophistication, Innovation.
According to overall index, Switzerland is the most competitive country in the world retaining leading position since 2008 after it outpaced United States which, in turn, worsened its position and moved from the first to the third place over the same period. While competitiveness is positively related to the wealth of the nation expressed through the GDP per capita, the relation between competitiveness and happiness seems to follow negative square pattern: middle level of competitiveness corresponds to the highest level of happiness.
Along with the index characterizing country's economic competitiveness (the Global Competitiveness Index) there are indexes assessing country's performance in innovation sphere and its subdivisions (Innovation Union Scoreboard, Knowledge Economy Index, Global Innovation Index).
Competition leads to a constant increase in production efficiency. It motivates manufacturers to avoid losses and reduce costs, in order to sell goods at lower prices than competitors. Competition displaces producers with high costs. Competition works when there is an opportunity to choose among sellers and when there is freedom of appearance of new sellers in the market. Large and small firms can participate in competition. Competitive firms can compete at the local, regional, national or even world markets. Competition is also important for a market economy, like blood for the human body.Competition exerts pressure on producers,...
The most recent Turkey Investment Climate Assessment completed by the World Bank in 2010 revealed wide variation in the quality of the business environment across regions and how firms operating in different regions tend to be affected by various aspects of the investment climate. The Regional Investment Climate Assessment Project will help identify bottlenecks to doing business at regional level across the country. Identification of these bottlenecks is the first step in removing them and promoting private sector development at the regional level in Turkey. The World Bank and Turkish Ministry of Development are co-hosting a meeting to...
The Global Competitiveness Report 2014-2015 assesses the competitiveness landscape of 144 economies, providing insight into the drivers of their productivity and prosperity. The report remains the most comprehensive assessment of national competitiveness worldwide, providing a platform for dialogue between government, business and civil society about the actions required to improve economic prosperity. Competitiveness is defined as the set of institutions, policies and factors that determine the level of productivity of a country. The level of productivity, in turn, sets the level of prosperity that can be earned by an economy. The...