The GlobalCompetitiveness Report2010–2011Klaus Schwab, World Economic Forum
World Economic ForumGeneva, Switzerland 2010                                                                              ...
The Global Competitiveness Report                                    World Economic Forum2010–2011 is published by the Wor...
ContentsPartner Institutes                                             v    Part 2: Data Presentation                     ...
The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
Partner InstitutesPartner InstitutesThe World Economic Forum’s Centre for Global                    Bangladesh            ...
Partner Institutes                     Burkina Faso                                                      Croatia          ...
Partner InstitutesGhana                                                            ItalyAssociation of Ghana Industries (A...
Partner Institutes                       Luxembourg                                                          Moldova      ...
Partner InstitutesParaguay                                                         SingaporeCentro de Análisis y Difusión ...
Partner Institutes                     Tanzania                                                           Vietnam         ...
PrefacePrefaceKLAUS SCHWABExecutive Chairman, World Economic ForumThis year’s Global Competitiveness Report is being      ...
The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
Part 1Measuring Competitiveness      The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
1.1: The Global Competitiveness Index 2010–2011CHAPTER 1.1                                                 The Global Comp...
1.1: The Global Competitiveness Index 2010–2011                                                  consequences of our prese...
1.1: The Global Competitiveness Index 2010–2011communities to core economic activities and services.                 In ad...
1.1: The Global Competitiveness Index 2010–2011                                                  Box 1: Fiscal policy and ...
1.1: The Global Competitiveness Index 2010–2011  Box 1: Fiscal policy and competitiveness (cont’d.)  According to research...
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Wef global competitiveness report_2010-11

  1. 1. The GlobalCompetitiveness Report2010–2011Klaus Schwab, World Economic Forum
  2. 2. World Economic ForumGeneva, Switzerland 2010 Professor Klaus Schwab World Economic Forum EditorThe GlobalCompetitiveness Report2010–2011Professor Xavier Sala-i-MartinColumbia UniversityChief Advisor of the Centre for Global Competitiveness and PerformanceMembers of the Global Competitiveness Report Advisory BoardDr Kemal DervisBrookings InstitutionVice-President and Director, Global Economy and DevelopmentProfessor Ricardo HausmannHarvard UniversityDirector, Center for International Development, John F. Kennedy School of GovernmentH.E. Dr Felipe Larraín BascuñánMinister of Finance of ChileH.E. Dr Mari Elka PangestuMinister of Trade of Indonesia The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  3. 3. The Global Competitiveness Report World Economic Forum2010–2011 is published by the World GenevaEconomic Forum within the framework ofthe Centre for Global Competitiveness and Copyright © 2010Performance by the World Economic Forum All rights reserved. No part of this publicationProfessor Klaus Schwab may be reproduced, stored in a retrievalExecutive Chairman system, or transmitted, in any form or by any means, electronic, mechanical, photocopying,Professor Xavier Sala-i-Martin or otherwise without the prior permission ofChief Advisor of the Centre for Global the World Economic Forum.Competitiveness and Performance ISBN-13: 978-92-95044-87-6Robert Greenhill ISBN-10: 92-95044-87-8Chief Business Officer This book is printed on paper suitable forCENTRE FOR GLOBAL COMPETITIVENESS AND PERFORMANCE recycling and made from fully managed andJennifer Blanke, Director, Lead Economist, sustained forest sources.Head of the Centre for GlobalCompetitiveness and Performance Printed and bound in Switzerland by SRO-Kundig.Margareta Drzeniek Hanouz, Director,Senior EconomistIrene Mia, Director, Senior EconomistThierry Geiger, Associate Director,EconomistCiara Browne, Associate DirectorPearl Samandari, Community ManagerEva Trujillo Herrera, Research AssistantCarissa Sahli, CoordinatorWe thank Hope Steele for her superb editingwork and Neil Weinberg for his excellentgraphic design and layout. We are grateful toMiriam Poretti for her invaluable researchassistance.The terms country and nation as used in thisreport do not in all cases refer to a territorialentity that is a state as understood by inter-national law and practice. The terms coverwell-defined, geographically self-containedeconomic areas that may not be states butfor which statistical data are maintained on aseparate and independent basis. The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  4. 4. ContentsPartner Institutes v Part 2: Data Presentation 67Preface xi 2.1 Country/Economy Profiles 69by Klaus Schwab How to Read the Country/Economy Profiles ...............................71 List of Countries/Economies .........................................................73 Country/Economy Profiles .............................................................74Part 1: Measuring Competitiveness 1 2.2 Data Tables 353 How to Read the Data Tables......................................................355 Index of Data Tables ....................................................................3571.1 The Global Competitiveness Index 2010–2011: 3 Data Tables ..................................................................................359Looking Beyond the Global Economic Crisisby Xavier Sala-i-Martin, Jennifer Blanke, Margareta DrzeniekHanouz, Thierry Geiger, and Irene Mia Technical Notes and Sources 4951.2 The Executive Opinion Survey: The Business 57 About the Authors 499Executives’ Insight into their Operating Environmentby Ciara Browne and Thierry Geiger Acknowledgments 501 The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  5. 5. The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  6. 6. Partner InstitutesPartner InstitutesThe World Economic Forum’s Centre for Global Bangladesh Centre for Policy Dialogue (CPD)Competitiveness and Performance is pleased to Khondaker Golam Moazzem, Senior Research Fellowacknowledge and thank the following organizations Kazi Mahmudur Rahman, Senior Research Associateas its valued Partner Institutes, without which the Mustafizur Rahman, Executive Directorrealization of The Global Competitiveness Report Barbados2010–2011 would not have been feasible: Arthur Lewis Institute for Social and Economic Studies, University of West Indies (UWI)Albania Andrew Downes, DirectorInstitute for Contemporary Studies (ISB)Artan Hoxha, President BelgiumElira Jorgoni, Senior Expert Vlerick Leuven Gent Management SchoolEndrit Kapaj, Junior Expert Priscilla Boairdi, Associate, Competence Centre Entrepreneurship, Governance and StrategyAlgeria Wim Moesen, ProfessorCentre de Recherche en Economie Appliquée Leo Sleuwaegen, Professor, Competence Centre pour le Développement (CREAD) Entrepreneurship, Governance and StrategyYoucef Benabdallah, Assistant ProfessorYassine Ferfera, Director Benin Micro Impacts of Macroeconomic Adjustment PoliciesAngola (MIMAP) BeninMITC Investimentos Epiphane Adjovi, Business CoordinatorEstefania Jover, Senior Adviser Maria-Odile Attanasso, Deputy Coordinator vPROPETROL—Serviços Petroliferos Fructueux Deguenonvo, ResearcherArnaldo Lago de Carvalho, Managing Partner Bosnia and HerzegovinaSouth Africa-Angola Chamber of Commerce (SA-ACC) MIT Center, School of Economics and Business in Sarajevo,Roger Ballard-Tremeer, Hon Chief Executive University of Sarajevo Zlatko Lagumdzija, ProfessorArgentina Zeljko Sain, Executive DirectorIAE—Universidad Austral Jasmina Selimovic, Assistant DirectorMaría Elina Gigaglia, Project ManagerEduardo Luis Fracchia, Professor Botswana Botswana National Productivity CentreArmenia Letsogile Batsetswe, Research Consultant and StatisticianEconomy and Values Research Center Parmod Chandna, Acting Executive DirectorManuk Hergnyan, Chairman Phumzile Thobokwe, Manager, Information andSevak Hovhannisyan, Board Member and Senior Associate Research Services DepartmentGohar Malumyan, Research Associate BrazilAustralia Fundação Dom CabralAustralian Industry Group Marina Araújo, Economist and Researcher,Colleen Dowling, Senior Research Coordinator The Competitiveness and Innovation CenterNick James, Economist Carlos Arruda, Executive Director, International Board andHeather Ridout, Chief Executive Professor and Coordinator, The CompetitivenessAustria and Innovation CenterAustrian Institute of Economic Research (WIFO) Arthur Kux, Economist and Research Assistant,Karl Aiginger, Director The Competitiveness and Innovation CenterGerhard Schwarz, Coordinator, Survey Department Movimento Brasil Competitivo (MBC)Azerbaijan Erik Camarano, Director PresidentAzerbaijan Marketing Society Cecília Macedo, Economist and Senior Projects CoordinatorFuad Aliyev, Project Manager Nikelma Moura, Communications AssistantZaur Veliyev, Consultant Brunei DarussalamBahrain Ministry of Industry and Primary ResourcesBahrain Competitiveness Council, Bahrain Economic Pehin Dato Yahya Bakar, Minister Development Board Dayang Hajah Suriyah Haji Umar, Permanent Secretary INada Azmi, Manager, Economic Planning and Development Dato Dr Amin Abdullah, Permanent Secretary IIJawad Habib, Senior Partner, BDO Jawad Habib BulgariaRima Al Kilani, Director, International Marketing Center for Economic Development Anelia Damianova, Senior Expert The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  7. 7. Partner Institutes Burkina Faso Croatia lnstitut Supérieure des Sciences de la Population (ISSP), National Competitiveness Council University of Ouagadougou Martina Hatlak, Research Assistant Samuel Kabore, Economist and Head of Development Strategy Kresimir Jurlin, Research Fellow and Population Research Mira Lenardic, General Secretary Burundi Cyprus University Research Centre for Economic and Social Cyprus College Research Center Development (CURDES), National University of Burundi Bambos Papageorgiou, Head of Socioeconomic Richard Ndereyahaga, Head of CURDES and Academic Research Gilbert Niyongabo, Dean, Faculty of Economics The Cyprus Development Bank & Management Maria Markidou-Georgiadou, Manager, International Cambodia Banking Services Unit and Business Development Economic Institute of Cambodia Czech Republic Sok Hach, President CMC Graduate School of Business Poch Kongchheng, Researcher Tomas Janca, Executive Director Cameroon Denmark Comité de Compétitivité (Competitiveness Committee) Department of Business Studies, Aalborg University Lucien Sanzouango, Permanent Secretary Birgitte Gregersen, Associate Professor Canada Gert Villumsen, Associate Professor Institute for Competitiveness and Prosperity Ecuador Tamer Azer, Researcher ESPAE Graduate School of Management, Roger Martin, Chairman and Dean of the Rotman Escuela Superior Politécnica del Litoral (ESPOL) School of Management, University of Toronto Elizabeth Arteaga, Project Assistant James Milway, Executive Director Virginia Lasio, Acting Director Cape Verde Sara Wong, Professor INOVE RESEARCH—Investigação e Desenvolvimento, Lda Egypt Rosa Brito, Senior Researcher The Egyptian Center for Economic Studies Júlio Delgado, Partner and Senior Researcher Omneia Helmy, Deputy Director of Research and Frantz Tavares, Partner and Chief Executive Officer Lead Economist Chad Magda Kandil, Executive Director and Director of Research Groupe de Recherches Alternatives et de Monitoring Malak Reda, Senior Economistvi du Projet Pétrole-Tchad-Cameroun (GRAMP-TC) Estonia Antoine Doudjidingao, Researcher Estonian Institute of Economic Research Gilbert Maoundonodji, Director Evelin Ahermaa, Head of Economic Research Sector Celine Nénodji Mbaipeur, Programme Officer Marje Josing, Director Chile Estonian Development Fund Universidad Adolfo Ibáñez Kitty Kubo, Head of Foresight Fernando Larrain Aninat, Director of the Master in Management Ott Pärna, Chief Executive Officer and Public Policy, School of Government Camila Chadwick, Project Coordinator Ethiopia Leonidas Montes, Dean, School of Government African Institute of Management, Development and Governance China Tegegne Teka, General Manager Institute of Economic System and Management National Development and Reform Commission Finland Zhou Haichun, Deputy Director and Professor ETLA—The Research Institute of the Finnish Economy Chen Wei, Research Fellow Petri Rouvinen, Research Director Dong Ying, Professor Pasi Sorjonen, Head of the Forecasting Group Pekka Ylä-Anttila, Managing Director China Center for Economic Statistics Research, Tianjin University of Finance and Economics France Lu Dong, Professor HEC School of Management, Paris Jian Wang, Associate Professor Bertrand Moingeon, Professor and Deputy Dean Hongye Xiao, Professor Bernard Ramanantsoa, Professor and Dean Bojuan Zhao, Professor Gambia, The Huazhang Zheng, Associate Professor Gambia Economic and Social Development Research Colombia Institute (GESDRI) National Planning Department Makaireh A. Njie, Director Alvaro Edgar Balcazar, Entrepreneurial Development Director Georgia Carolina Rentería Rodríguez, General Director Business Initiative for Reforms in Georgia Mauricio Torres Velásquez, Advisor Tamara Janashia, Executive Director Colombian Council of Competitiveness Giga Makharadze, Founding Member of the Board of Directors Hernando José Gomez, President Mamuka Tsereteli, Founding Member of the Board of Directors Côte d’Ivoire Germany Chambre de Commerce et d’Industrie de Côte d’Ivoire WHU—Otto Beisheim School of Management, Vallendar Jean-Louis Billon, President Ralf Fendel, Professor of Monetary Economics Jean-Louis Giacometti, Technical Advisor to the President Michael Frenkel, Professor, Chair of Macroeconomics Mamadou Sarr, Director General and International Economics The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  8. 8. Partner InstitutesGhana ItalyAssociation of Ghana Industries (AGI) SDA Bocconi School of ManagementPatricia Djorbuah, Projects Officer Secchi Carlo, Full Professor of Economic Policy,Cletus Kosiba, Executive Director Bocconi UniversityNana Owusu-Afari, President Paola Dubini, Associate Professor, Bocconi University Francesco A. Saviozzi, SDA Assistant Professor,Greece Strategic and Entrepreneurial Management DepartmentSEV Hellenic Federation of EnterprisesMichael Mitsopoulos, Coordinator, Jamaica Research and Analysis Mona School of Business (MSB), The University ofThanasis Printsipas, Economist, the West Indies Research and Analysis Patricia Douce, Project Administrator Evan Duggan, Executive Director and ProfessorGuatemala William Lawrence, Director, Professional Services UnitFUNDESAEdgar A. Heinemann, President of the Board of Directors JapanPablo Schneider, Economic Director Hitotsubashi University, Graduate School of InternationalJuan Carlos Zapata, General Manager Corporate Strategy (ICS) in cooperation with Keizai Doyukai Keizai (Japan Association of Corporate Executives)Guyana Yoko Ishikura, ProfessorInstitute of Development Studies, University of Guyana Kiyohiko Ito, Managing Director, Keizai DoyukaiKaren Pratt, Research AssociateClive Thomas, Director Jordan Ministry of Planning & International CooperationHong Kong SAR Jordan National Competitiveness TeamHong Kong General Chamber of Commerce Hiba Abu Taleb, Primary ResearcherDavid O’Rear, Chief Economist Maher Al Mahrouq, Team Leader and Director of PoliciesFederation of Hong Kong Industries and Studies DepartmentAlexandra Poon, Director Kawther Al-Zou’bi, Primary ResearcherThe Chinese General Chamber of Commerce Kazakhstan JSC “National Analytical Centre of the Government andHungary the National Bank of the Republic of Kazakhstan”KOPINT-TÁRKI Economic Research Ltd. Ayana Manasova, ChairpersonÁgnes Nagy, Project Manager Aibek Baisakalov, Project ManagerÉva Palócz, Chief Executive OfficerIceland Kenya vii Institute for Development Studies, University of NairobiInnovation Center Iceland Mohamud Jama, Director and Associate ProfessorKarl Fridriksson, Managing Director of Paul Kamau, Research Fellow Human Resources and Marketing Dorothy McCormick, Associate ProfessorRosa Gisladottir, Marketing ManagerThorsteinn I. Sigfusson, Director Korea, Republic of College of Business School, Korea Advanced Institute ofIndia Science and Technology KAISTConfederation of Indian Industry (CII) Ingoo Han, Senior Associate Dean and ProfessorChandrajit Banerjee, Director General Ravi Kumar, Dean and ProfessorTarun Das, Chief Mentor Youjin Sung, Manager, Exchange ProgrammeVirendra Gupta, Head, International and Trade Fairs KuwaitIndonesia Kuwait National Competitiveness CommitteeCenter for Industry, SME & Business Adel Al-Husainan, Committee Member Competition Studies, University of Trisakti Fahed Al-Rashed, Committee ChairmanTulus Tambunan, Professor and Director Sayer Al-Sayer, Committee MemberIran, Islamic Republic of Kyrgyz RepublicThe Centre for Economic Studies and Surveys (CESS), Economic Policy Institute “Bishkek Consensus” Iran Chamber of Commerce, Industries and Mines Lola Abduhametova, Program CoordinatorHammed Roohani, Director Marat Tazabekov, ChairmanIreland LatviaCompetitiveness Survey Group, Department of Economics, Institute of Economics, Latvian Academy of Sciences University College Cork Helma Jirgena, DirectorEleanor Doyle, Professor, Department of Economics Irina Curkina, ResearcherNiall O’SullivanBernadette Power LebanonNational Competitiveness Council Bader Young Entrepreneurs ProgramAdrian Devitt, Manager Antoine Abou-Samra, Managing DirectorCaoimhe Gavin, Policy Advisor Hiba Zunji, AssistantIsrael LesothoManufacturers’ Association of Israel (MAI) Mohloli Chamber of BusinessShraga Brosh, President LibyaDan Catarivas, Director National Economic Development BoardYehuda Segev, Managing Director Entisar Elbahi, Director, Relations and Supported Services Lithuania Statistics Lithuania Ona Grigiene, Head, Economical Survey Division Algirdas Šemeta, Director General The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  9. 9. Partner Institutes Luxembourg Moldova Chamber of Commerce of the Grand Duchy of Luxembourg Academy of Economic Studies of Moldova (AESM) François-Xavier Borsi, Attaché, Economic Department Grigore Belostecinic, Rector Carlo Thelen, Chief Economist, Member of the Managing Board Centre for Economic Research (CER) Marc Wagener, Attaché, Economic Department Corneliu Gutu, Director Macedonia, FYR Mongolia National Entrepreneurship and Competitiveness Council (NECC) Open Society Forum (OSF) Dejan Janevski, Project Coordinator Munkhsoyol Baatarjav, Manager of Economic Policy Zoran Stavreski, President of the Managing Board Erdenejargal Perenlei, Executive Director Saso Trajkoski, Executive Director Montenegro Madagascar Institute for Strategic Studies and Prognoses (ISSP) Centre of Economic Studies, University of Antananarivo Maja Drakic, Project Manager Ravelomanana Mamy Raoul, Director Petar Ivanovic, Chief Executive Officer Razato Rarijaona Simon, Executive Secretary Veselin Vukotic, President Malawi Morocco Malawi Confederation of Chambers of Commerce and Industry Université Hassan II, LASAARE Chancellor L. Kaferapanjira, Chief Executive Officer Fouzi Mourji, Professor of Economics Malaysia Mozambique Institute of Strategic and International Studies (ISIS) EconPolicy Research Group, Lda. Mahani Zainal Abidin, Chief Executive Peter Coughlin, Director Steven C.M. Wong, Senior Director, Economics Donaldo Miguel Soares, Researcher Malaysia Productivity Corporation (MPC) Ema Marta Soares, Assistant Mohd Razali Hussain, Director General Namibia Lee Saw Hoon, Senior Director Namibian Economic Policy Research Unit (NEPRU) Mali Jacob Nyambe, Senior Researcher Groupe de Recherche en Economie Appliquée et Fanuel Tjingaete, Director Théorique (GREAT) Nepal Massa Coulibaly, Coordinator Centre for Economic Development and Malta Administration (CEDA) Competitive Malta—Foundation for National Competitiveness Ramesh Chandra Chitrakar, Professor andviii Margrith Lutschg-Emmenegger, Vice President Country Coordinator Adrian Said, Chief Coordinator Bharat Pokharel, Project Director and Executive Director Caroline Sciortino, Research Coordinator Mahendra Raj Joshi, Member Mauritania Netherlands Centre d’Information Mauritanien pour le Développement Erasmus Strategic Renewal Center, Economique et Technique (CIMDET/CCIAM) Erasmus University Rotterdam Khira Mint Cheikhnani, Director Frans A. J. Van den Bosch, Professor Lô Abdoul, Consultant and Analyst Henk W. Volberda, Professor Habib Sy, Analyst New Zealand Mauritius Business New Zealand Joint Economic Council of Mauritius Phil O’Reilly, Chief Executive Raj Makoond, Director The New Zealand Institute Board of Investment Lisa Bailey, Executive Assistant Kevin Bessondyal, Assistant Director, Planning and Policy Rick Boven, Director Dev Chamroo, Director, Planning and Policy Nigeria Veekram Gowd, Senior Investment Advisor, Planning Nigerian Economic Summit Group (NESG) and Policy Frank Nweke Jr., Director General Raju Jaddoo, Managing Director Sam Ohuabunwa, Chairman Mexico Chris Okpoko, Research Director, Research Center for Intellectual Capital and Competitiveness Norway Erika Ruiz Manzur, Executive Director BI Norwegian School of Management René Villarreal Arrambide, President and Eskil Goldeng, Researcher Chief Executive Officer Torger Reve, Professor Jesús Zurita González, General Director Instituto Mexicano para la Competitividad (IMCO) Oman Gabriela Alarcón Esteva, Economist The International Research Foundation Luis César Castañeda Valdés, Researcher Salem Ben Nasser Al-Ismaily, Chairman Manuel J. Molano Ruíz, Deputy General Director Arabian Research Bureau Roberto Newell García, General Director Gus Freeman, Managing Director Ministry of the Economy Mahir Al-Maskari, General Manager Paulo Esteban Alcaraz, Research Director, ProMéxico Pakistan Trade & Investment Competitiveness Support Fund Felipe Duarte Olvera, Undersecretary for Competitiveness Arthur Bayhan, Chief Executive Officer and Standardization Imran Naeem Ahmad, Communication Specialist Javier Prieto, Technical Secretary for Competitiveness Maryam Jawaid, Communication Specialist Jose Antonio Torre, Head of the Business Intelligence Unit, ProMéxico Trade & Investment The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  10. 10. Partner InstitutesParaguay SingaporeCentro de Análisis y Difusión de Economia Paraguaya (CADEP) Economic Development BoardDionisio Borda, Research Member Lim Hong Khiang, Director Planning 2Fernando Masi, Director Chua Kia Chee, Head, Research and Statistics UnitMaría Belén Servín, Research Member Cheng Wai San, Head, PlanningPeru Slovak RepublicCentro de Desarrollo Industrial (CDI), Sociedad Nacional Business Alliance of Slovakia (PAS)de Industrias Robert Kicina, Executive DirectorNéstor Asto, Project Director Peter Klatik, ResearcherLuis Tenorio, Executive Director Matej Tunega, ResearcherPhilippines SloveniaMakati Business Club (MBC) in association with Institute for Economic Research Management Association of the Philippines (MAP) Mateja Drnovšek, Professor, Faculty of EconomicsAlberto A. Lim, Executive Director, MBC Peter Stanovnik, ProfessorArnold P. Salvador, Executive Director, MAP Sonja Urši , Senior ResearcherMarc P. Opulencia, Deputy Director, MBC Ales Vahc ˘, Professor, Faculty of Economics ˘ ˘icMichael B. Mundo, Chief Economist, MBC South AfricaPoland Business Leadership South AfricaEconomic Institute, National Bank of Poland Friede Dowie, DirectorMateusz Pipien General Director ´, Michael Spicer, Chief Executive OfficerPiotr Boguszewski, Advisor Business Unity South AfricaPortugal Simi Siwisa, DirectorPROFORUM, Associação para o Desenvolvimento Jerry Vilakazi, Chief Executive Officer da Engenharia SpainIlídio António de Ayala Serôdio, Vice President of IESE Business School, International Center for Competitiveness the Board of Directors Antoni Subirà, ProfessorFórum de Administradores de Empresas (FAE) María Luisa Blázquez, Research AssociatePaulo Bandeira, General Director Sri LankaPedro do Carmo Costa, Member of the Board of Directors Institute of Policy StudiesEsmeralda Dourado, President of the Board of Directors Ayodya Galappattige, Research OfficerPuerto Rico Saman Kelegama, Executive DirectorPuerto Rico 2000, Inc. Manoj Thibbotuwawa, Research Officer ixSuzette M. Jimenez, President SwazilandFrancisco Montalvo Fiol, Project Coordinator Federation of Swaziland Employers and Chamber of CommerceQatar Zodwa Mabuza, Chief Executive OfficerQatari Businessmen Association (QBA) Sihle Fakude,Research AnalystIssa Abdul Salam Abu Issa, Secretary-General SwedenSarah Abdallah, Deputy General Manager Center for Strategy and Competitiveness,Romania Stockholm School of EconomicsGroup of Applied Economics (GEA) Christian Ketels, Senior Research FellowLiviu Voinea, Executive Director Örjan Sölvell, ProfessorIrina Zgreaban, Program Coordinator SwitzerlandRussian Federation University of St. Gallen, Executive School of Management,Bauman Innovation Technology and Law (ES-HSG)Alexei Prazdnitchnykh, Principal, Associate Professor Beat Bechtold, Communications ManagerKaterina Marandi, Consultant Alexander Jungmeister, Vice Executive Director Rubén Rodriguez Startz, Project ManagerStockholm School of Economics, RussiaIgor Dukeov, Area Principal SyriaCarl F. Fey, Associate Dean of Research Ministry of Economy and Trade Amer Housni Louitfi, Minister of Economy and TradeRwandaPrivate Sector Federation State Planning CommissionMolly Rwigamba, Acting Chief Executive Officer Tayseer Al-Ridawi, Head of State Planning CommissionEmmanuel Rutagengwa, Policy Analyst Syrian Enterprise Business Center (SEBC)Saudi Arabia Tamer Abadi, DirectorNational Competitiveness Center (NCC) Taiwan, ChinaAwwad Al-Awwad, President Council for Economic Planning and Development, Executive YuanKhaldon Mahasen, Vice President Liu, Y. Christina, MinisterSenegal Hung, J. B., Director, Economic Research DepartmentCentre de Recherches Economiques Appliquées (CREA), Shieh, Chung Chung, Researcher, Economic Research DepartmentUniversity of Dakar TajikistanDiop Ibrahima Thione, Director The Center for Sociological Research “Zerkalo”Serbia Qahramon Baqoev, DirectorCenter for Applied European Studies (CPES) Gulnora Beknazarova, ResearcherSrdjan Djurovic, Director Alikul Isoev, Sociologist and EconomistDusko Vasiljevic, Senior Researcher The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  11. 11. Partner Institutes Tanzania Vietnam Research on Poverty Alleviation (REPOA) Central Institute for Economic Management (CIEM) Joseph Semboja, Professor and Executive Director Dinh Van An, President Lucas Katera, Director, Commissioned Research Phan Thanh Ha, Deputy Director, Department of Cornel Jahari, Researcher, Commissioned Research Department Macroeconomic Management Pham Hoang Ha, Senior Researcher, Department of Thailand Macroeconomic Management Sasin Graduate Institute of Business Administration, Chulalongkorn University Institute for Development Studies in HCMC (HIDS) Pongsak Hoontrakul, Senior Research Fellow Nguyen Trong Hoa, Professor and President Toemsakdi Krishnamra, Director of Sasin Du Phuoc Tan, Head of Department Piyachart Phiromswad, Faculty of Economics Trieu Thanh Son, Researcher Thailand Development Research Institute (TDRI) Zambia Somchai Jitsuchon, Research Director Institute of Economic and Social Research (INESOR), Chalongphob Sussangkarn, Distinguished Fellow University of Zambia Yos Vajragupta, Senior Researcher Mutumba M. Bull, Director Patricia Funjika, Staff Development Fellow Timor-Leste Jolly Kamwanga, Coordinator East Timor Development Agency (ETDA) Jose Barreto Goncalves, Survey Supervisor Zimbabwe Palmira Pires, Director Graduate School of Management, University of Zimbabwe David Wilkes, Survey Field Officer A. M. Hawkins, Professor Trinidad and Tobago Bolivia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Arthur Lok Jack Graduate School of Business Honduras, Nicaragua, Panama Miguel Carillo, Executive Director INCAE Business School, Latin American Center for Harrylal Nirmala, Director, International Centre Competitiveness and Sustainable Development (CLACDS) Arturo Condo, Rector The Competitiveness Company Marlene de Estrella, Director of External Relations Rolph Balgobin, Chairman Lawrence Pratt, Director, CLACDS Tunisia Víctor Umaña, Researcher and Project Manager, CLACDS Institut Arabe des Chefs d’Entreprises Latvia, Lithuania Majdi Hassen, Executive Counsellor Stockholm School of Economics in Riga Chekib Nouira, President Karlis Kreslins, Executive MBA Programme Director x Turkey Anders Paalzow, Rector TUSIAD Sabanci University Competitiveness Forum Dilek Cetindamar, Director and Professor Funda Kalemci, Project Specialist Uganda Kabano Research and Development Centre Robert Apunyo, Program Manager Delius Asiimwe, Executive Director Catherine Ssekimpi, Research Associate Ukraine CASE Ukraine, Center for Social and Economic Research Dmytro Boyarchuk, Executive Director Vladimir Dubrovskiy, Leading Economist United Arab Emirates Dubai Economic Council Gayane Afrikian, Director, Dubai Competitiveness Centre Khawla Belqazi, Special Projects Manager Emirates Competitiveness Council Abdullah Nasser Lootah,Secretary General Institute for Social and Economic Research (ISER), Zayed University Nico Vellinga, Professor United Kingdom LSE Enterprise Ltd, London School of Economics and Political Science Niccolo Durazzi, Project Administrator Robyn Klingler Vidra, Researcher Jane Lac, Project Manager Uruguay Universidad ORT Isidoro Hodara, Professor Venezuela CONAPRI—Venezuelan Council for Investment Promotion Eduardo Porcarelli, Executive Director Litsay Guerrero, Manager, Economic Affairs The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  12. 12. PrefacePrefaceKLAUS SCHWABExecutive Chairman, World Economic ForumThis year’s Global Competitiveness Report is being This Report remains the flagship publication withinpublished amid uncertainty in the global economy and the Forum’s Centre for Global Competitiveness anda continuing shift in the balance of economic activity Performance, which produces a number of researchaway from advanced economies and toward developing studies that truly mirror the increased integration andones. Despite significant government stimulus spending complexity of the world economy. Additional regularaimed at dampening the recession, growth in advanced publications include The Global Enabling Trade Report, Theeconomies remains sluggish as they are mired in persist- Global Gender Gap Report, The Global Information Technologyent unemployment and weak demand. Recent concerns Report, and The Travel & Tourism Competitiveness Report,about the sustainability of sovereign debt in Europe, and as well as various regional and country studies.the stability and efficient functioning of financial mar- The Global Competitiveness Report 2010–2011 couldkets more generally, have added to the list of concerns. not have been put together without the thought leader-The present situation emphasizes the importance of ship of Professor Xavier Sala-i-Martin at Columbiamapping out clear exit strategies to get economies back University, who has provided ongoing intellectual supporton a steady footing. Yet charting out such a process for our competitiveness research. We have also receivedremains elusive in many countries for fear of a “double important feedback from our Advisory Board: Dr Kemaldip” as well as for political considerations. On the other Dervis, Vice-President and Director, Global Economyhand, developing economies have for the most part and Development, Brookings Institution; Professor xifared comparatively well during the crisis: countries Ricardo Hausmann, Director, Center for Internationalsuch as Brazil, China, and India are expected to grow Development, John F. Kennedy School of Government,at rates of between 5.5 and 10 percent in 2010, with Harvard University; H.E. Dr Felipe Larraín Bascuñán,growth holding up well over the next few years. Indeed, Minister of Finance of Chile; and H.E. Dr Mari Elkathe world increasingly looks to the developing world as Pangestu, Minister of Trade of Indonesia. Appreciationthe major engine of the global economy. also goes to Robert Greenhill, Chief Business Officer at Policymakers are struggling with ways of managing the Forum, and Jennifer Blanke, Head of the Centre forthe present economic challenges while preparing their Global Competitiveness and Performance, as well as theeconomies to perform well in a future economic land- competitiveness team members Ciara Browne, Margaretascape characterized by uncertainty and shifting balances. Drzeniek Hanouz, Thierry Geiger, Irene Mia, CarissaIn such a global economic environment, it is more Sahli, Pearl Samandari, and Eva Trujillo Herrera. Weimportant than ever for countries to put into place thank the Africa Commission and FedEx, our partners inthe fundamentals underpinning economic growth and this Report, for their support in this important venture.development. The World Economic Forum has, for more In addition, this Report would have not been possiblethan 30 years, played a facilitating role in this process without the commitment and enthusiasm of our networkby providing detailed assessments of the productive of over 150 Partner Institutes worldwide, who carry outpotential of nations worldwide. The Report contributes the Executive Opinion Survey, which provides the basisto the understanding of the key factors determining of this Report. Finally, we would also like to convey oureconomic growth, helps to explain why some countries sincere gratitude to all the business executives aroundare more successful than others in raising income levels the world who took the time to participate in ourand opportunities for their respective populations, and Executive Opinion Survey, and whose valuable inputsoffers policymakers and business leaders an important made the publication of this Report possible.tool in the formulation of improved economic policiesand institutional reforms. This year’s Report features a record number of 139economies, and thus continues to be the most compre-hensive assessment of its kind. It contains a detailedprofile for each of the economies featured in the studyas well as an extensive section of data tables with globalrankings covering over 100 indicators. The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  13. 13. The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  14. 14. Part 1Measuring Competitiveness The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  15. 15. The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  16. 16. 1.1: The Global Competitiveness Index 2010–2011CHAPTER 1.1 The Global Competitiveness Report 2010–2011 is being released at a time when the global economy continues to be characterized by significant uncertainty. GrowthThe Global Competitiveness has resumed following important injections, in many countries, of government stimulus spending aimed atIndex 2010–2011: Looking counterbalancing the worst global recession in decades. Yet economies are advancing at different speeds andBeyond the Global Economic there is still the risk of a “double dip” in a number ofCrisis countries. While emerging economies have, for the most part, bounced back to healthy growth, advanced economies face continuing difficulties such as persistingXAVIER SALA-I-MARTIN unemployment, weak demand, and spiraling debt, whileJENNIFER BLANKE still struggling with reforms in the financial and laborMARGARETA DRZENIEK HANOUZ markets, among other challenges. The InternationalTHIERRY GEIGER Monetary Fund (IMF) predicts growth of 6.25 percentIRENE MIA for emerging markets, compared with 2.25 percent forWorld Economic Forum advanced economies in 2010. In this context, policymakers are being confronted with difficult economic management challenges. Following their active stance in addressing the crisis and the ensuing recession, governments are struggling to unwind their deficit spending in an effort to control soaring debts. Indeed, fears of a double dip are hinder- ing many governments from articulating clear exit strategies, a major topic of discussion in recent G-20 summits.1 Yet without a clear commitment to getting spending under control in the medium term, countries 3 will compromise their future ability to make pro-growth investments in areas such as infrastructure, health, and education, which are necessary for sustained develop- ment and competitiveness over the longer term. Today’s still-difficult economic environment requires not losing sight of long-term competitiveness fundamen- tals amid short-term urgencies. Indeed, any exit strategies must be complemented by competitiveness-enhancing efforts aimed at improving the potential for growth in the medium to longer run, which will in turn help to eliminate fiscal imbalances. Competitive economies are those that have in place factors driving the productivity enhancements on which their present and future pros- perity is built. A competitiveness-supporting economic environment can help national economies to support high incomes and ensure that the mechanisms enabling solid economic performance going into the future are in place. For more than three decades, the World Economic Forum’s annual competitiveness reports have examined the many factors enabling national economies to achieve sustained economic growth and long-term prosperity. Our goal over the years has been to provide bench- marking tools for business leaders and policymakers to identify obstacles to improved competitiveness, thus stimulating discussion on the best strategies and policies to overcome them. In the current challenging economic environment, our work specifically serves as a critical reminder of the importance of taking into account the The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  17. 17. 1.1: The Global Competitiveness Index 2010–2011 consequences of our present actions on future prosperity the increasingly direct role played by the state in the based on sustained growth. economy of many countries. Since 2005, the World Economic Forum has based The quality of institutions has a strong bearing on its competitiveness analysis on the Global Competitiveness competitiveness and growth.5 It influences investment Index (GCI), a highly comprehensive index for measur- decisions and the organization of production and plays ing national competitiveness, which captures the micro- a key role in the ways in which societies distribute the economic and macroeconomic foundations of national benefits and bear the costs of development strategies competitiveness.2 and policies. For example, owners of land, corporate We define competitiveness as the set of institutions, shares, or intellectual property are unwilling to invest in policies, and factors that determine the level of productivity of the improvement and upkeep of their property if their a country. The level of productivity, in turn, sets the sus- rights as owners are not protected.6 tainable level of prosperity that can be earned by an The role of institutions goes beyond the legal economy. In other words, more competitive economies framework. Government attitudes toward markets and tend to be able to produce higher levels of income for freedoms and the efficiency of its operations are also very their citizens. The productivity level also determines the important: excessive bureaucracy and red tape,7 overreg- rates of return obtained by investments (physical, ulation, corruption, dishonesty in dealing with public human, and technological) in an economy. Because the contracts, lack of transparency and trustworthiness, and rates of return are the fundamental drivers of the the political dependence of the judicial system impose growth rates of the economy, a more competitive econ- significant economic costs to businesses and slow the omy is one that is likely to grow faster in the medium process of economic development. to long run. In addition, proper management of public finances The concept of competitiveness thus involves static is also critical to ensuring trust in the national business and dynamic components: although the productivity of environment. Indicators capturing the quality of govern- a country clearly determines its ability to sustain a high ment management of public finances are included here level of income, it is also one of the central determinants to complement the measures of macroeconomic stability of the returns to investment, which is one of the key captured in pillar 3 below. 4 factors explaining an economy’s growth potential. Although the economic literature has focused mainly on public institutions, private institutions are also an important element in the process of creation The 12 pillars of competitiveness of wealth. The recent global financial crisis, along with There are many determinants driving productivity and numerous corporate scandals, has highlighted the rele- competitiveness. Understanding the factors behind this vance of accounting and reporting standards and trans- process has occupied the minds of economists for hun- parency for preventing fraud and mismanagement, dreds of years, ranging from Adam Smith’s focus on ensuring good governance, and maintaining investor specialization and the division of labor to neoclassical and consumer confidence. An economy is well served economists’ emphasis on investment in physical capital by businesses that are run honestly, where managers and infrastructure,3 and, more recently, to interest in abide by strong ethical practices in their dealings with other mechanisms such as education and training, tech- the government, other firms, and the public at large.8 nological progress, macroeconomic stability, good gover- Private-sector transparency is indispensable to business, nance, firm sophistication, and market efficiency, among and can be brought about through the use of standards others. While all of these ideas are likely to be impor- as well as auditing and accounting practices that ensure tant, they are not mutually exclusive—two or more of access to information in a timely manner.9 them can be true at the same time, and in fact that is what has been shown in the economic literature.4 Second pillar: Infrastructure This open-endedness is captured within the GCI Extensive and efficient infrastructure is critical for by including a weighted average of many different com- ensuring the effective functioning of the economy, as it ponents, each measuring a different aspect of competi- is an important factor determining the location of eco- tiveness. These components are grouped into 12 pillars nomic activity and the kinds of activities or sectors that of economic competitiveness: can develop in a particular economy. Well-developed infra- structure reduces the effect of distance between regions, First pillar: Institutions integrating the national market and connecting it at low The institutional environment is determined by the cost to markets in other countries and regions. In addition, legal and administrative framework within which indi- the quality and extensiveness of infrastructure networks viduals, firms, and governments interact to generate significantly impact economic growth and affect income income and wealth in the economy. The importance of inequalities and poverty in a variety of ways.10 A well- a sound and fair institutional environment has become developed transport and communications infrastructure even more apparent during the economic crisis, given network is a prerequisite for the access of less-developed The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  18. 18. 1.1: The Global Competitiveness Index 2010–2011communities to core economic activities and services. In addition to health, this pillar takes into account Effective modes of transport, including quality roads, the quantity and quality of basic education received byrailroads, ports, and air transport, enable entrepreneurs the population, which is increasingly important into get their goods and services to market in a secure and today’s economy. Basic education increases the efficiencytimely manner and facilitate the movement of workers of each individual worker. Moreover, workers who haveto the most suitable jobs. Economies also depend on received little formal education can carry out only sim-electricity supplies that are free of interruptions and ple manual work and find it much more difficult toshortages so that businesses and factories can work adapt to more advanced production processes and tech-unimpeded. Finally, a solid and extensive telecommuni- niques. Lack of basic education can therefore become acations network allows for a rapid and free flow of infor- constraint on business development, with firms findingmation, which increases overall economic efficiency by it difficult to move up the value chain by producinghelping to ensure that businesses can communicate and more sophisticated or value-intensive products.decisions are made by economic actors taking into For the longer term, it will be essential to avoidaccount all available relevant information. This is an area significant reductions in resource allocation to thesewhere the crisis may prove to have positive longer-term critical areas, in spite of the fact that government budg-effects, given the significant resources earmarked for ets will need to be cut to reduce public debt broughtinfrastructure development by many national stimulus about by the present stimulus spending.packages, including those of the United States and China. Fifth pillar: Higher education and trainingThird pillar: Macroeconomic environment Quality higher education and training is crucial forThe stability of the macroeconomic environment is economies that want to move up the value chainimportant for business and, therefore, is important for beyond simple production processes and products.13 Inthe overall competitiveness of a country.11 Although particular, today’s globalizing economy requires countriesit is certainly true that macroeconomic stability alone to nurture pools of well-educated workers who are ablecannot increase the productivity of a nation, it is also to adapt rapidly to their changing environment and therecognized that macroeconomic disarray harms the evolving needs of the production system. This pillareconomy. The government cannot provide services measures secondary and tertiary enrollment rates as well 5efficiently if it has to make high-interest payments on as the quality of education as evaluated by the businessits past debts. Running fiscal deficits limits the govern- community. The extent of staff training is also taken intoment’s future ability to react to business cycles. Firms consideration because of the importance of vocationalcannot operate efficiently when inflation rates are out of and continuous on-the-job training—which is neglectedhand. In sum, the economy cannot grow in a sustainable in many economies—for ensuring a constant upgradingmanner unless the macroeconomic environment is stable. of workers’ skills.This issue has captured the attention of the public mostrecently through discussions on exit strategies to wind Sixth pillar: Goods market efficiencydown deficit spending, and in the context of the recent Countries with efficient goods markets are well positionedbuildup of sovereign debt. to produce the right mix of products and services given It is important to note that this pillar evaluates the their particular supply-and-demand conditions, as wellstability of the macroeconomic environment, so it does as to ensure that these goods can be most effectivelynot directly take into account the way in which public traded in the economy. Healthy market competition,accounts are managed by the government. This qualita- both domestic and foreign, is important in driving markettive dimension is captured in the institutions pillar efficiency and thus business productivity, by ensuringdescribed above. that the most efficient firms, producing goods demanded Box 1 discusses the relationship between fiscal by the market, are those that thrive. The best possibleimbalances and competitiveness, of particular relevance environment for the exchange of goods requires a mini-given recent fiscal stimulus spending and the discussions mum of impediments to business activity through gov-related to the importance of winding down spending ernment intervention. For example, competitiveness isand articulating clear exit strategies. hindered by distortionary or burdensome taxes and by restrictive and discriminatory rules on foreign directFourth pillar: Health and primary education investment (FDI)—limiting foreign ownership—as wellA healthy workforce is vital to a country’s competitive- as on international trade. The recent economic crisis hasness and productivity. Workers who are ill cannot function highlighted the degree of interdependence of economiesto their potential and will be less productive. Poor health worldwide and the degree to which growth depends onleads to significant costs to business, as sick workers are open markets. Protectionist measures are counterpro-often absent or operate at lower levels of efficiency. ductive as they reduce aggregate economic activity.Investment in the provision of health services is thus criti- Market efficiency also depends on demand conditionscal for clear economic, as well as moral, considerations.12 such as customer orientation and buyer sophistication. The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  19. 19. 1.1: The Global Competitiveness Index 2010–2011 Box 1: Fiscal policy and competitiveness As the world emerges from the global recession, the full extent be raised in order to repay debt, economic agents will adapt of the deterioration of fiscal accounts is becoming visible and their growth expectations, investing less and saving more. is raising questions about the consequences for longer-term Taken together those factors may lower growth, making it even competitiveness. In the Global Competitiveness Index, fiscal more difficult to repay debt in the future and potentially leading policy is assessed by including the budget balance and public to a vicious cycle. In countries that are fiscally challenged, debt in the macroeconomic environment pillar, based on the increases in debt could set off a different type of spiral, as belief that, although sound fiscal policy does not contribute recently seen in the case of Greece. Debt increases can lead to directly to raising productivity and competitiveness, disarray downgrades of sovereign risk ratings, thereby sharply raising can be very harmful. the refinancing cost of short-term debt and, in the most extreme Continued budget deficits and high public debt are likely to case, leading to sovereign default. have a negative impact on productivity for a number of reasons. As the recession cut government revenues and automatic First, they reduce fiscal flexibility. Because of higher interest pay- stabilizers kicked in, and many policymakers resorted to bank ments on debt, the government will have fewer funds available bailouts and stimulus packages, many developed countries to invest in areas that are necessary to maintain future growth have observed the largest weakening of fiscal accounts since such as public health, education, or the upkeep of infrastructure. World War II. This development is not new, however. It contin- The government will also be unable to use fiscal stimulus in any ues a trend that has been prevalent in G-7 countries over the new downturns. Second, because the government needs to past 40 years (see Figure 1).1 Debt accumulated since the 1970s finance spending by issuing new debt, interest rates across the because fiscal policy was used to dampen the effect of cyclical economy will tend to rise, and the higher cost of capital for downturns but was not cut back when the business cycle went enterprises will stifle investment and future growth. These up again. As a consequence, the debt-to-GDP ratio of G-7 effects can be exacerbated by the fact that economic behavior economies is expected to break the 100 percent mark in 2011. is driven by expectations. Because taxes will most likely have to (Cont’d.) 6 Figure 1: The evolution of public debt in G-7 and other country groups, 1950–2015 120 Advanced economies Emerging and developing economies World 100 G-7 economies Percent of GDP 80 60 40 20 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 Source: IMF, 2010a. Note: Data are shown for the longest available period for each country group. The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum
  20. 20. 1.1: The Global Competitiveness Index 2010–2011 Box 1: Fiscal policy and competitiveness (cont’d.) According to research by Reinhardt and Rogoff,2 these levels effect of fiscal tightening on short-term growth, but they will also will have a serious impact on future growth rates of these enhance growth in the longer term, which in turn will improve economies. They estimate that median GDP growth rates in the fiscal position. Such reforms are of particular importance developed economies fall by about one percentage point a year in the context of Greece, where weakening competitiveness once a debt-to-GDP ratio of 90 percent is reached.3 over the past years has been a root cause of macroeconomic In the medium to longer term, in order to maintain macro- instability.6 economic stability and competitiveness, fiscal policies—in particular in G-7 countries, but also in some European and G-20 economies—will have to be put on a sounder footing. Toward Notes that end, at their summit in June 2010 in Toronto, G-20 leaders 1 The G-7 countries are Canada, France, Germany, Italy, Japan, the agreed on a strategy to cut fiscal deficits in half by 2013 and United Kingdom, and the United States. to stabilize the debt-to-GDP ratio by 2016. The challenge will be 2 Reinhardt and Rogoff 2009. to implement fiscal adjustment without undermining the frail 3 In comparison to growth at low debt levels (below 30 percent of economic recovery in the shorter term. Although this may seem GDP), the average rate of growth is reduced by 4 percentage politically painful, recent research shows that governments points. that implement painful budgetary reforms tend to be rewarded 4 Alesina et al. 2010. politically.4 Fiscal consolidation will have to be accompanied by 5 Blanchard and Cotarelli 2010. structural reforms in order to increase overall competitiveness.5 6 In the Global Competitiveness Index, the country has dropped By sending a signal, these reforms can mitigate the negative from 61st in the 2006–2007 edition to 83rd this year.For cultural or historical reasons, customers may be ductive uses. It channels resources to those entrepreneurial 7more demanding in some countries than in others. This or investment projects with the highest expected ratescan create an important competitive advantage, as it of return rather than to the politically connected. Aforces companies to be more innovative and customer thorough and proper assessment of risk is therefore aoriented and thus imposes the discipline necessary for key ingredient. Business investment is critical to produc-efficiency to be achieved in the market. tivity. Therefore economies require sophisticated financial markets that can make capital available for private-sectorSeventh pillar: Labor market efficiency investment from such sources as loans from a soundThe efficiency and flexibility of the labor market are criti- banking sector, properly regulated securities exchanges,cal for ensuring that workers are allocated to their most venture capital, and other financial products. The impor-efficient use in the economy and provided with incentives tance of such access to capital was recently underscoredto give their best effort in their jobs. Labor markets must by the liquidity crunch experienced by businesses andtherefore have the flexibility to shift workers from one the public sector in both developing and developedeconomic activity to another rapidly and at low cost, and countries. In order to fulfill all those functions, theto allow for wage fluctuations without much social dis- banking sector needs to be trustworthy and transparent,ruption.14 The importance of the latter has been dramati- and—as has been made so clear recently—financialcally highlighted by the difficulties countries with particu- markets need appropriate regulation to protect investorslarly rigid labor markets—such as Spain—have encoun- and other actors in the economy at large.tered in recovering from the recent major economicdownturn. Ninth pillar: Technological readiness Efficient labor markets must also ensure a clear rela- In today’s globalized world, technology has increasinglytionship between worker incentives and their efforts, as become an important element for firms to competewell as equity in the business environment between and prosper. The technological readiness pillar measureswomen and men. the agility with which an economy adopts existing tech- nologies to enhance the productivity of its industries,Eighth pillar: Financial market development with specific emphasis on its capacity to fully leverageThe recent financial crisis has highlighted the central information and communication technologies (ICT) inrole of a sound and well-functioning financial sector for daily activities and production processes for increasedeconomic activities. An efficient financial sector allocates efficiency and competitiveness.15 ICT has evolved intothe resources saved by a nation’s citizens, as well as those the “general purpose technology” of our time,16 givenentering the economy from abroad, to their most pro- the critical spillovers to the other economic sectors and The Global Competitiveness Report 2010-2011 © 2010 World Economic Forum

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