How the term “Global competitiveness” will be meaningful for a Business establishment?

1. Improving coordination among public-sector agencies

2. Providing support

3. Incentives for R&D activities

4. Human resources development and education

5. Encouraging and promoting innovation and creativity

6. Facilitating the development of industrial clusters

7. Enhancing the productivity and competitiveness of SMEs.

The Global Competitiveness Report (GCR) is a yearly report published by the World Economic Forum. Since2004, the Global Competitiveness Report ranks countries based on the Global Competitiveness Index,developed by Xavier Sala-i-Martin and Elsa V. Artadi.Before that, the macroeconomic ranks were based on Jeffrey Sachs's Growth Development Index and the microeconomic ranks were based on Michael Porter's Business Competitiveness Index. The Global Competitiveness Index integrates the macroeconomic and the micro/business aspects of competitiveness into a single index.

Now, how will this be useful for a business establishment depends on that business establishment. Does it wish to have a global imprint? If it does, then it should prefer those countries which are on the top of the Global Competitiveness Index.

Agreed to Mr. VJ

Global Competitiveness is well defined by Mr. Vinod. It has a significance importance in business establishment. 

The success of a business depends on its relationships with the external world. Regulators, potential customers, staff and legislators. Decisions made at all levels of the business, from the boardroom to the shop floor, affect that relationship. For the business to be successful, decision making in every division and at every level must take account of those effects. External engagement cannot be separated from everyday business, it must be part of everyday business.