The Global Competitiveness Index (GCI) tracks the performance of close to 140 countries on 12 pillars of competitiveness. It assesses the factors and institutions identified by empirical and theoretical research as determining improvements in productivity, which in turn is the main determinant of long-term growth and an essential factor in economic growth and prosperity. The Global Competitiveness Report hence seeks to help decision makers understand the complex and multifaceted nature of the development challenge;to design better policies, based on public-private collaboration; and to take action to restore confidence in the possibilities of continued economic progress.
Improving the determinants of competitiveness, as identified in the 12 pillars of the GCI, requires the coordinated action of the state, the business community, and civil society. All societal actors need to be engaged to make progress on all factors of competitiveness in parallel, which is necessary to achieve long-lasting results. This year the GCI points to three main challenges and lessons that are relevant for economic progress, public-private collaboration, and policy action: first, financial vulnerabilities pose a threat to competitiveness and to economies’ ability to finance innovation and technological adoption; second, emerging economies are becoming better at innovation but more can be done to spread the benefits; third, labor market flexibility and worker protection are needed for competitiveness and shared prosperity in the Fourth Industrial Revolution.
Chosen excerpts by Job Market Monitor. Read the whole story at The Global Competitiveness Report 2017-2018 | World Economic Forum