There is no single and unanimously agreed upon measure of competitiveness because it covers a wide area of economic performance. However, the World Economic Forum’s attempt at capturing the essence of competitiveness through the Global Competitiveness Index is the most recognized.
The Global Competitiveness Report’s main competitiveness ranking is the Global Competitiveness Index (CGI). The CGI is based on 12 pillars of competitiveness, the pillars include: Institutions, Infrastructure, Macroeconomic Stability, Health & Primary Education, Higher Education & Training, Goods Market Efficiency, Labour Market Efficiency, Financial Market Sophistication, Technological Readiness, Market Size, Business Sophistication and Innovation.
" The World Competitiveness Yearbook (WCY) ranks and analyzes the ability of nations to create and maintain an environment in which enterprises can compete. Based on analysis made by leading scholars and by our own research and experience, the methodology of the WCY thus divides the national environment into four main factors: Economic Performance, Government Efficiency, Business Efficiency, and Infrastructure. In turn, each of these factors is divided into 5 sub-factors which highlight every facet of the areas analyzed. Altogether, the WCY features 20 such sub-factors." International Institute for Management Development
