The Global Competitiveness

    competitiveness is defined as the set of institutions, 

policies, and factors that determine the level of productivity of a country. 

The level of productivity, in turn, sets the sustainable level of prosperity that can be earned by an economy.

In other words, more competitive economies or countries tend to be able to yield higher levels of income.

The rates of return obtained by investments (physical, human, and technological) in an economy is also determined by the productivity level. 

Because the rates of return are the fundamental drivers of the growth rates of the economy, a more competitive economy is one that is likely to grow faster in the medium to long run.

The concept of competitiveness thus involves static and dynamic components: 

although the productivity of a country clearly determines its ability to sustain a high level of income, it is also one of the central determinants of the returns to investment, which is one of the key factors explaining an economy’s growth potential

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