In an authoritative report released by the World Economic Forum (WEF) lately on world competitiveness, Singapore is ranked an impressive 3rd on the global competitiveness index (GCI) behind Switzerland and the United States.
WEF defined competitiveness as “the set of institutions,policies, and factors that determine the level of productivity of a country.”
The determinants of competitiveness are many and complex and the GCI captures this open-ended dimension by providing a weighted average of many different components, each of which reflects one aspect of the complex concept that we call competitiveness.
All these components are grouped into 12 pillars of competitiveness, the first of which is “institutions”.
The institutional environment is determined by the legal and administrative framework within which individuals, firms, and governments interact to generate income and wealth in the economy.
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http://temasekreview.com/?p=13306
WEF defined competitiveness as “the set of institutions,policies, and factors that determine the level of productivity of a country.”
The determinants of competitiveness are many and complex and the GCI captures this open-ended dimension by providing a weighted average of many different components, each of which reflects one aspect of the complex concept that we call competitiveness.
All these components are grouped into 12 pillars of competitiveness, the first of which is “institutions”.
The institutional environment is determined by the legal and administrative framework within which individuals, firms, and governments interact to generate income and wealth in the economy.
Read rest of article here:
http://temasekreview.com/?p=13306