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Management 81
ISSN 1820-0222
ISSN 2406-0658 (Online)
Measuring competitiveness as a precondition of economic management

 

Since 2005, the World Economic Forum (WEF) has based its research on competitiveness in the Global Competitiveness Index (GCI), a comprehensive index that measures the microeconomic and macroeconomic foundations of national competitiveness. According to the WEF, competitiveness is defined as a set of institutions, policies and factors that determine the level of productivity of a country [1]. The level of productivity, in contrast, establishes a sustainable level of prosperity that can be created by the economy. In other words, more competitive economies tend to be able to produce higher levels of income for their citizens. The level of productivity also determines the rate of return on investments into the economy. The rates of return on investments and the return on investments themselves are very complementary to achieving economic growth in the economy; more competitive economies are those whose growth is faster in the medium term compared to the long term. The concept of competitiveness thus involves both static and dynamic components. Although the productivity of the country clearly determines its ability to maintain its income levels, it is also one of the central determinants of returns on investments, which is one of the key factors when explaining the growth potential of the economy. The following paper presents a methodology of measuring competitiveness by the GCI index, statistical data related to the world economy, European Union countries, the countries that are in the process of accession to the EU, global advantages and disadvantages of the position of Montenegro and the countries of the region.

 

mr. Nikola Milović

 

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Issue 81
Wednesday, 01 March 2017
Issue number81, of journal for theory and practice "Management", is published and it can be downloaded from 'Review of issues' section. It has been published only in English version.
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