Global Competitiveness of the Philippines
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- Date Submitted: 04/26/2013 02:58 PM
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GLOBAL COMPETITVENESS
World Economic Forum defines competitiveness 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 sustainable level of prosperity that can be earned by an economy.
The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.
For more than three decades, the World Economic Forum’s annual Global Competitiveness Reports have studied and benchmarked the many factors underpinning national competitiveness. From the onset, the goal has been to provide insight and stimulate discussion among all stakeholders on the best strategies and policies to overcome the obstacles to improved competitiveness. In the current challenging economic environment, our work is a critical reminder of the importance of taking into account the consequences of our present actions on future prosperity based on sustained growth.
There are many determinants driving productivity and competitiveness. Understanding the factors behind this process has occupied the minds of economists for hundreds of years. While a lot of factors are likely to be important for competitiveness and growth, they are not mutually exclusive—two or more of them can be significant at the same time, and in fact that is what has been shown in the economic literature.
This open-endedness is captured within the GCI by including a weighted average of many different components, each measuring a different aspect of competitiveness.
These components are grouped into 12 pillars of competitiveness:
A. 1st Pillar: Institutions
The institutional environment is determined by the legal and administrative framework within which individuals, firms, and governments interact to generate wealth. The importance of a sound and fair...
World Economic Forum defines competitiveness 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 sustainable level of prosperity that can be earned by an economy.
The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.
For more than three decades, the World Economic Forum’s annual Global Competitiveness Reports have studied and benchmarked the many factors underpinning national competitiveness. From the onset, the goal has been to provide insight and stimulate discussion among all stakeholders on the best strategies and policies to overcome the obstacles to improved competitiveness. In the current challenging economic environment, our work is a critical reminder of the importance of taking into account the consequences of our present actions on future prosperity based on sustained growth.
There are many determinants driving productivity and competitiveness. Understanding the factors behind this process has occupied the minds of economists for hundreds of years. While a lot of factors are likely to be important for competitiveness and growth, they are not mutually exclusive—two or more of them can be significant at the same time, and in fact that is what has been shown in the economic literature.
This open-endedness is captured within the GCI by including a weighted average of many different components, each measuring a different aspect of competitiveness.
These components are grouped into 12 pillars of competitiveness:
A. 1st Pillar: Institutions
The institutional environment is determined by the legal and administrative framework within which individuals, firms, and governments interact to generate wealth. The importance of a sound and fair...