The Factors that Affect Global Competitiveness
A business firm abides by the regulations and rules that a government forms. The government does assume a highly vital role in improving competitiveness. The governments need to endorse trade by reengineering processes and systems. Again, it is important for the governments to be highly responsive by lessening bureaucratic red tape. Some vital factors that affect global competitiveness are as follows:
Physical infrastructure – Physical infrastructure plays a crucial role in augmenting a country’s global competitiveness. It will result in a smoother movement of items, services, and people. Additionally, it also facilitates quicker delivery of services and goods.
Perfect coordination amongst public sector agencies – A business environment should coordinate among public-sector agencies. In this context, the finest processes would be proposing incentives and support for HRD, education, R and D activities, encouraging creativity and innovativeness, productivity improvements of SMEs, and augmentation of industrial blocks.
High TFP (Total Factor Productivity) – This is considered a boon for economic development. This shows the efficiency and synergy of both HR and capital utilization and endorses national competitiveness.
Augmenting R and D activities – The augmentation of R and D activities that result in innovation, original technological development, and creativity is also a vital factor.
Productivity campaigns – A productivity campaign is vital as it endorses public awareness besides proposing processes for using productivity techniques and tools.
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