Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Latvia in the Global Competitiveness Report 2014-2015 Competitiveness research at the World Economic Forum Topical and regional reports, index development, workshops, training, and much, much more… We aim to measure what lies behind different growth paths Korea, Rep. Latvia China Cambodia Source: IMF, World Economic Outlook database, October 2014 edition What is competitiveness? “The set of institutions, policies, and factors that determine the level of productivity of a country, taking into account its level of development. The level of productivity, in turn, sets the level of prosperity that can be earned by an economy” Our framework: The 12 pillars of competitiveness 1.Institutions 5.Higher education and training 11. Business sophistication 2.Infrastructure 6. Goods market efficiency 12. Innovation 3.Macroeconomic environment 7. Labor market efficiency 4.Health and primary education 8. Financial market development 9. Technological readiness 10. Market size Basic Requirements Efficiency enhancers Innovation and sophistication factors The Global Competitiveness Index Stages of development and the drivers of competitiveness Competitiveness drivers Innovation Factor-driven stage Transition stage Efficiency-driven stage Transition stage Innovation-driven stage Efficiency $17,000 $9,000 $3,000 $2,000 Basic GDP per capita US$ (not to scale) The GCI data Examples • 113 individual indicators populating the different pillars • 20,000 data points in total • Data sources include international organisations and the World Economic Forum’s Executive Opinion Survey The Global Competitiveness Index 2014-2015 Rankings Rank Country/Economy Score (1-7) Prev. rank Rank Country/Economy Score (1-7) Prev. rank 1 Switzerland 5.7 1 34 Indonesia 4.6 38 2 Singapore 5.6 2 35 Spain 4.6 35 3 United States 5.5 5 36 Portugal 4.5 51 4 Finland 5.5 3 39 Mauritius 4.5 45 5 Germany 5.5 4 42 Latvia 4.5 52 6 Japan 5.5 9 49 Italy 4.4 49 7 Hong Kong SAR 5.5 7 52 Philippines 4.4 59 8 Netherlands 5.5 8 53 Russian Federation 4.4 64 9 United Kingdom 5.4 10 56 South Africa 4.4 53 10 Sweden 5.4 6 57 Brazil 4.3 56 12 United Arab Emirates 5.3 19 61 Mexico 4.3 55 15 Canada 5.2 14 68 Vietnam 4.2 70 20 Malaysia 5.2 24 71 India 4.2 60 23 France 5.1 23 81 Greece 4.0 91 26 Korea, Rep. 5.0 25 127 Nigeria 3.4 120 28 China 4.9 29 134 Myanmar 3.2 139 29 Estonia 4.7 32 140 Angola 3.0 142 33 Chile 4.6 34 144 Guinea 2.8 147 The Global Competitiveness Landscape GCI 2014-2015 rank Top 10 10-25 26-50 50-75 76-100 100-144 = Top 10 economies The Global Competitiveness Report 2014-2015 • Reforming for prosperity Monetary policy has to a large extent driven the global recovery thus far, but sustaining this trend will depend on successfully implementing structural reforms. • Smart investment in skills and innovation Those economies that consistently rank high in the competitiveness rankings are those that able to develop, attract and retain talent and can constantly introduce new higher value added products and services into the market • Public-private collaboration Cooperative leadership among business, government and civil society is needed in order to get the world back to sustainable growth and rising living standards. Latvia’s competitiveness in regional comparison The competitiveness divide in Europe European reformers versus non-reformers GCI 2014-15 Change to previous year GCI 2014-15 Change to previous year Finland 4 -1 Czech Republic 37 9 Germany 5 -1 Lithuania 41 7 Netherlands 8 0 Latvia 42 10 United Kingdom 9 1 Poland 43 -1 Sweden 10 -4 Malta 47 -6 Denmark 13 2 Italy 49 0 Belgium 18 -1 Bulgaria 54 3 Luxembourg 19 3 Cyprus 58 0 Austria 21 -5 Romania 59 17 France 23 0 Hungary 60 3 Ireland 25 3 Slovenia 70 -8 Estonia 29 3 Slovak Republic 75 3 Spain 35 0 Croatia 77 -2 Portugal 36 15 Greece 81 10 Country Sources: IMF, World Economic Outlook 2014 Country Latvia – towards improved competitiveness ? Latvia’s score in the 12 pillars of the GCI 2014-2015 Latvia’s score in the 12 pillars of the GCI 2014-2015 Innovation-driven Latvia’s score in the 12 pillars of the GCI 2014-2015 Latvia’s performance in innovation and sophistication factor Rank of EU 28 economies Better Latvia’s rank out of 144 economies Worse Latvia’s performance in public institutions – selected indicators Rank of EU 28 economies Better Latvia’s rank out of 144 economies Worse Latvia’s performance in infrastructure Rank of EU 28 economies Better Latvia’s rank out of 144 economies Worse Latvia’s performance in tech readiness – selected indicators Rank of EU 28 economies Better Latvia’s rank out of 144 economies Worse Latvia’s performance in higher education and training Rank of EU 28 economies Better Latvia’s rank out of 144 economies Worse Bureaucracy, tax regulations and limited access to finance impede Latvian businesses From a list of 16 factors Latvian business leaders selected the five most problematic for doing business Latvia – towards a knowledge-driven economy 1.Institutions 2.Infrastructure 3.Macroeconomic environment 4.Health and primary education 5.Higher education and training 6. Goods market efficiency 7. Labor market efficiency 8. Financial market development 9. Technological readiness 10. Market size 11. Business sophistication 12. Innovation Impressive progress made post-crisis: improvements in market efficiencies (goods, financial, labour) and the macroeconomic and financial environment (except access to finance) Further strengthening of basic pillars of a competitive economy needed: institutions and infrastructure Competitiveness-enhancing investments in skills and innovation are needed as the country is transitioning towards the innovation-stage of development