![]() And it is believed (or hoped) that targeting benchmarks will help fulfill the development objectives of growth and competitiveness, just as a central bank targeting inflation is able to generate macroeconomic stability.ĭubai has quickly transformed itself into a highly competitive global city - it is classified in the alpha-plus category according the Globalisation and World Cities Research Network (GaWC). ![]() it anchors expectations of what policy makers hope to achieve with transparent targets. Policy by benchmarking is in some ways akin to the policy of inflation targeting by central banks, i.e. I spoke at the Kazakhstan Growth Forum 2016 (Almaty) on the UAE’s competitiveness strategy, namely on how that country uses global performance reports to guide policy.Ĭlick here to learn about how the UAE uses international benchmarks as a means to steer policy. Thus competitiveness is now generally viewed as not just about productivity in the tradeable sectors, but more generally domestic productivity as a whole. ![]() ![]() Paul Krugman (1994) remarked on the “dangerous obsession” of policy makers to think of nations as business enterprises competing in a global market. The World Economic Forum (WEF) defines competitiveness as “the set of institutions, policies, and factors that determine the level of productivity of a country.” The Institute for International Management Development (IMD) defines competitiveness as “ the ability of a nation to create and maintain an environment that sustains more value creation for its enterprises and more prosperity for its people.” Earlier discussions of competitiveness often dwelled (too much) on the ability of nations to compete internationally against other nation states. ![]()
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