Measuring of Countries Economic Competitiveness with Indexes

The national economic competitiveness of countries in our increasingly globalized world gains exponentially growing significance. Researchers have accomplished remarkable work to comprehensively measure economic competitiveness of countries with indices. If we look at the some of the most well-known indices measuring national economic competitiveness, we can see that each of them have their advantages and deficiencies. The Global Competitiveness Report covers the biggest number of factors regarding this matter, however, among other imperfections, it lacks impartially quantifiable data. The Doing Business index provides useful data about the legislative and legal environment for businesses in given countries, but not much more. The Index of Economic Freedom covers vast amounts of information about different factors significant for an economic development, however, at the same time giving partial assessments from their economic doctrine point of view.

Keywords: Economic competitiveness of countries; indices measuring economic competitiveness; the Index of Economic Freedom; the Doing Business index; the Global Competitiveness Report.