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The Global Competitiveness Index is a tool produced by the World Economic Forum with the intention of being used to identify and compare the capacity to promote economic development opportunities for the citizens of the 133 countries that are analyzed.
It analyzes a series of indicators, grouped into 12 pillars of competitiveness, that evaluate the policies, economic factors and specific institutional conditions of each country that determine its level of productivity. The 12 pillars are divided into 3 large categories: basic requirements, efficiency maximizers, and factors for innovation and sophistication. The score obtained in each category is presented in a scale from 1 to 7, where 7 is the highest possible score. This score in turn, determines the ranking that each country occupies with respect to the other countries.
This Index allows countries to identify its strengths and weaknesses that either promote or hinder economic growth. In many cases, this has led to the creation of new public policies that promote a climate of investment more suited to each country’s development path.
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