Competitiveness is the degree to which a nation, region or city can provide a high quality of life to its residents. This is essentially a measure of the economic potential of a place. The following are common examples of competitiveness.
Institutions such in areas such as governance, finance, standards, education, health, science, culture and nature.Hard infrastructure in areas such as energy, water, transportation and information technology.
StabilityA stable political and economic system.
HealthA healthy population and access to adequate healthcare services.
SafetyA low crime rate.
EducationAn educated population and access to education.Competitive, robust and liquid markets for goods, labor and capital. For example, a system of labor that allows people to freely change jobs without legal restrictions.
The average amount of value created in an hour of work. Nations with high productivity rates typically have a comparative advantage in high value industries such as information technology, advanced manufacturing, services and cultural products.Efficiency is the amount of output you get for a unit of input. All else being equal, a nation that uses resources such as labor, land, water and energy efficiently has an advantage over those that lack efficiency.
DiversificationA diversified economy that produces a wide array of products and services at scale. A high rate of change such as a nation that is able to invent new industries and transform its economy.
RiskLow risks in areas such as disasters, war and financial mismanagement.
GovernanceA lack of corruption such as a government that is unduly influenced by industry or friends.
Ease of Doing BusinessLow taxes and administrative burden, particularly for small businesses.The self-evaluated happiness of a population. For example, a city with a sense of community and social connection with interesting features, a clean environment and efficient transportation system. Allows a city to develop and attract the best and brightest.
NotesVarious organizations evaluate the competitiveness of nations and cities using criteria that may differ from the examples above.
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