Economic Development Indices Questions Medium
The Global Competitiveness Index (GCI) is a measure developed by the World Economic Forum (WEF) to assess the competitiveness of countries and their ability to achieve sustainable economic growth. It provides a comprehensive framework to evaluate the factors that contribute to a country's productivity and prosperity.
The GCI takes into account various indicators across 12 pillars, including institutions, infrastructure, macroeconomic stability, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation. These pillars are further divided into sub-indicators that capture specific aspects of competitiveness.
The GCI aims to provide policymakers, businesses, and other stakeholders with a holistic view of a country's strengths and weaknesses in terms of competitiveness. It helps identify areas where improvements are needed to enhance productivity, attract investments, and foster economic development. By benchmarking countries against each other, the GCI also facilitates international comparisons and highlights best practices that can be adopted to drive competitiveness.
Overall, the Global Competitiveness Index serves as a valuable tool for policymakers and stakeholders to assess and monitor a country's economic performance, identify areas for improvement, and guide policy decisions to enhance competitiveness and promote sustainable economic development.