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Home / Competitiveness / What is competitiveness? |
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What is competitiveness? |
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The World Economic Forum defines competitiveness as the set of factors, policies, and institutions that determines the level of productivity in a country.
Productivity describes how efficiently available resources are used and therefore the growth performance of an economy. Thus what is assessed is the potential of an economy to achieve sustained economic growth over the medium to long term.
Definitions of competitiveness emphasize its link to improved living standards and economic prosperity |
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‘(Competitiveness is) the factors enabling national economies to achieve sustained economic growth and long-term prosperity’
World Economic Forum |
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‘A nation’s competitiveness is the degree to which a country can, under free and fair market conditions, produce goods and services which meet the test of international markets, while simultaneously maintaining and expanding the real incomes of its people over the long term’
The Organisation for Economic Co-operation and Development |
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‘Competitiveness analyses how nations and enterprises manage the totality of their competencies to achieve prosperity or profit”
International Institute for Management Development |
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‘(Competitiveness is) the productivity with which a nation uses its human, capital, and natural resources. Productivity sets a nation’s or region’s standard of living’
Michael Porter
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