Month: March 2022

We used 150 of the 180 competitiveness criteria when calculating the competitiveness index. (30 competitiveness criteria that served as general information were not included). The basic method of calculation and ranking for the competitiveness index is a standardized assessment for each indicator. The data collected through the survey was first quantified, before being arranged in a similar way.

The four main dimensions are divided into a further four subcategories. The average standardized score of these 16 subcategories are calculated for each province using the weighted average approach. The provinces are ranked based on an index for the four categories as well as the overall index. The highest score is 100. The provinces are ranked based on their given scores.

This category covers the economic competitiveness of provinces, with subcategories including the economic sector, financial livelihood and employment.

This category explores the legal conditions for subcategories such as fiscal policy, institutions, law and society.

This category examines prevailing business conditions, with subcategories such as the business environment, employment market, finance and management.

This is a set of indicators including technology, science, education, health and environment that are associated with infrastructure.

Approximately two-thirds of the 180 competitiveness criteria, or 116 are quantitative in nature and can be directly observed for the province. Of these, 25 percent are intended as general background information and are not included in the competitiveness index calculation. The remaining one-third (64 criteria) are retrieved using an Executive Opinion Survey.

We use 180 competitiveness criteria that cover the different aspects of competitiveness for 16 subcategories divided into four main areas: economic performance, governance efficiency, business efficiency and infrastructure.

This category expQuantitative statistics measure specific facets of competitiveness for a certain period while surveys cover information that cannot be expressed in statistical numbers or that may cover a longer period of time. Furthermore, it allows for more current insight, as it does not rely on observed past values. The survey is intended as a complement to the statistics and demonstrates how the individuals and entities assess the environment given the value of certain influential indicators.

The Executive Opinion Survey is undertaken with mid and upper level management personnel representing private sector and business. It is distributed to randomly-selected business managers in each of the 21 provinces. In terms of scale, the survey had 525 respondents – equating to approximately 25 managers in each province. The survey contained 64 closed questions and one open.