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Definition

The global competitiveness index (GCI) is prepared by the World Economic Forum (WEF) annually and it ranks 141 countries on how competitive they are. To do this it measures 12 areas which indicate the overall competitiveness of the country. The 12 criteria considered are (1) Institutions, (2) Infrastructure, (3) Macroeconomic framework (4) Health and primary education (5) Higher education (6) Efficiency of goods markets (7) Efficiency of labour markets (8) Development of financial markets (9) Technology (10) Size (11) Production and production processes, especially of new products (12) Innovation. In the 2019 rankings, South Africa was ranked 60th. Obviously, the more competitive an economy is the more foreign direct investment (FDI) it will attract.

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