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Assessing Barbadian competitiveness Findings from the Global Competitiveness Index 2009-2010

Assessing Barbadian competitiveness Findings from the Global Competitiveness Index 2009-2010. Margareta Drzeniek Hanouz Director, Senior Economist Global Competitiveness Network World Economic Forum. Outline.

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Assessing Barbadian competitiveness Findings from the Global Competitiveness Index 2009-2010

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  1. Assessing Barbadian competitivenessFindings from the Global Competitiveness Index 2009-2010 • Margareta Drzeniek Hanouz Director, Senior Economist Global Competitiveness Network World Economic Forum

  2. Outline • The Global Competitiveness Network and the Global Competitiveness Report (GCR) series. • The Global Competitiveness Index (GCI) and our data sources. • The GCI rankings for 2009-2010 with a focus on CARICOM economies’performance and selected comparators.

  3. The Global Competitiveness Network • Flagship product: The Global Competitiveness Report: launched in 1979 covering 16 countries; it has since expanded its coverage to 133 countries. • Editor: Professor Klaus Schwab. • Goal: to provide a benchmarking tool for policymakers and business leaders.

  4. The Global Competitiveness Report 2009-2010Geographical coverage

  5. The Global Competitiveness NetworkThematic coverage • Regional, topical and industry report series: • The Travel and Tourism Competitiveness Report • The Global Information Technology Report • The Global Enabling Trade Report • The Lisbon Review • The Mexico Competitiveness Report 2009 • The Brazil Competitiveness Report 2009 • The Africa Competitiveness Report 2009 • The Global Gender Gap Report

  6. The Global Competitiveness IndexData sources • Use of hard data (publicly available information from sources such as the International Monetary Fund, the World Bank, UNESCO, International Telecommunications Union, among others). • And survey data (from the Executive Opinion Survey), which records the perspectives of business leaders around the world; survey data is indispensable, particularly for variables where no reliable hard data sources exist.

  7. The Global Competitiveness IndexData sources: The Executive Opinion Survey • The Executive Opinion Survey is structured around eleven major issue areas, each of significant relevance to the current state of an economy’s business environment, • Survey respondents are asked a total of 144 questions based on their own experiences of operating a business in the country in which they are based. • The Survey is translated into over 20 languages and is available online. • In 2009, over 13,000 business leaders from 133 countries responded to the Survey.

  8. The Global Competitiveness ReportWhat are we trying to measure? Gross domestic product based on purchasing-power-parity per capita, 1980-2009 Source: International Monetary Fund, World Economic Outlook, September 2009

  9. The Global Competitiveness ReportWhat do we mean by competitiveness? • Competitiveness is defined as the set of factors, policies and institutions that determine the level of productivity of a country. • Productivity is the main driver of investment in an economy. Investment, in turn, determines the rate of growth of the economy. • We say that a more competitive economy is one that is likely to grow faster over the medium to long run. • We try to shed light on “the factors, policies and institutions” that determine the sharply different growth experiences of 134 economies worldwide.

  10. The Global Competitiveness IndexThe 12 pillars of competitiveness BASIC REQUIREMENTS • Institutions • Infrastructure • Macroeconomic stability • Health and primary education Key forfactor-driven economies • Higher education and training • Goods market efficiency • Labor market efficiency • Financial market sophistication • Technological Readiness • Market size Key forefficiency-driven economies EFFICIENCY ENHANCERS INNOVATION & SOPHISTICATION FACTORS Key forinnovation-driven economies • Business sophistication • Innovation

  11. The Global Competitiveness IndexStages of development The process of economic development evolves in three stages captured by the model: "Factor-driven stage"Firms compete in prices, taking advantage of cheap factors. "Efficiency-driven stage"Efficient production practices to increase productivity. "Innovation-driven stage"Economies need to produce innovative products using sophisticated production methods (incorporating and taking full advantage of ICT, among other things.)

  12. The Global Competitiveness Index CARICOM countries by stage of development* * Based on GDP per capita and resource intensity

  13. The Global Competitiveness Index Weights • Weights of the three main groups of pillars at each stage of development

  14. 2009 2009 2008 2009 2009 2008 rank Economy score rank rank Economy score rank 1 Switzerland 22 Qatar 5.60 2 4.95 26 2 United States 26 Iceland 5.59 1 4.80 20 3 Singapore 29 China 5.55 5 4.74 30 4 Sweden 30 Chile 5.51 4 4.70 28 5 Denmark 31 Czech Republic 5.46 3 4.67 33 6 Finland 33 Spain 5.43 6 4.59 29 7 Germany 36 Thailand 5.37 7 4.56 34 8 Japan 40 Tunisia 5.37 9 4.50 36 9 Canada 45 South Africa 5.33 10 4.34 45 10 Netherlands 49 India 5.32 8 4.30 50 11 Hong Kong SAR 54 Indonesia 5.22 11 4.26 55 12 Taiwan, China 56 Brazil 5.20 17 4.23 64 13 United Kingdom 60 Mexico 5.19 12 4.19 60 14 Norway 61 Turkey 5.17 15 4.16 63 15 Australia 63 Russian Federation 5.15 18 4.15 51 16 France 70 Egypt 5.13 16 4.04 81 17 Austria 82 Ukraine 5.13 14 3.95 72 18 Belgium 99 Nigeria 5.09 19 3.65 94 19 Korea, Rep. 113 Venezuela 5.00 13 3.48 105 20 New Zealand 132 Zimbabwe 4.98 24 2.77 133 The Global Competitiveness Rankings 2009-2010Top 20 and selected economies (rank out of 133, score from 1 to 7)

  15. The Global Competitiveness Rankings 2009-2010CARICOM countries and selected comparators (rank out of 133, score from 1 to 7)

  16. The Global Competitiveness Rankings CARICOM countries: Evolution in the GCI, 2007-2009(rank out of 133) - 13 + 11 + 22

  17. The Global Competitiveness Rankings 2009-2010Most problematic factors for doing business in the region Source: EOS 2008, 2009. The question asked to the firm was: “Select among the above 15 constraints the five most problematic factors for doing business in your country.”

  18. The Global Competitiveness Rankings 2009-2010Barbados vs. selected comparators(score from 1 to 7)

  19. The Global Competitiveness Rankings 2009-2010Barbados: Areas of focus(score from 1 to 7) Transition 2 to 3

  20. The Global Competitiveness Rankings Barbados: Comparison by pillar, 2007 and 2009(score from 1 to 7)

  21. The Global Competitiveness Rankings 2009-2010Most problematic factors for doing business in Barbados Source: EOS 2008, 2009. The question asked to the firm was: “Select among the above 15 constraints the five most problematic factors for doing business in your country.”

  22. THANK YOU FOR YOUR KIND ATTENTION Visit our interactive website: http://gcr.weforum.org/gcr/ The Global Competitiveness Report 2009-2010 is freely downloadable from our website at http://www.weforum.org/gcr

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