The World Economic Forum (WEF) Global
Competitiveness Report defines competitiveness as the “set of institutions,
policies, and factors that determine the level of productivity of a country.”
For the WEF, healthy economies promote long-term sustainable growth and provide
a high standard of living for residents. In order to assess competitiveness,
the WEF classified the 140 nations it surveyed according to three stages of
development. The nations surveyed account for 98.3% of the world’s economic
output. Since national economic growth tends to follow common stages of
development, the WEF weighted its index to avoid penalizing countries in the
earliest stages of growth. In other words, maintaining competitiveness at one
stage of development is very different than being competitive in another. The 10 Best Economies In The World
Competitiveness Report defines competitiveness as the “set of institutions,
policies, and factors that determine the level of productivity of a country.”
For the WEF, healthy economies promote long-term sustainable growth and provide
a high standard of living for residents. In order to assess competitiveness,
the WEF classified the 140 nations it surveyed according to three stages of
development. The nations surveyed account for 98.3% of the world’s economic
output. Since national economic growth tends to follow common stages of
development, the WEF weighted its index to avoid penalizing countries in the
earliest stages of growth. In other words, maintaining competitiveness at one
stage of development is very different than being competitive in another. The 10 Best Economies In The World
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