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The Global Competitiveness Report Review 2010-11

      Prepared for
      Dr Retha de Villiers Scheepers
      Course Coordinator
      Innovation, Creativity and Entrepreneurship
      University of the Sunshine Coast

      Prepared by:
      Christopher Wood
      Core 110 Student
      University of the Sunshine Coast

Submitted: 16th March 2011

[pic]

Source BazaarDesign.com
  Executive Summary

The Global Competitiveness Report is the world’s most respected assessment of a nation’s competitiveness. It is designed around the twelve pillars of competitiveness, which provides a detailed representation of the competitiveness environment in countries at varying levels of economic development. The report comprehensively profiles the competitive strengths and weaknesses of 139 economies throughout the world.

This review of the 2010-11 Global Competitiveness Report evaluates the strengths and weaknesses of the top five countries and then compares Australia with the top three ranked countries providing recommendations in Australia’s three weakest pillars. The report concludes Australia is weak in: Innovation, Technological readiness, Market size and Infrastructure. However, high ranking in financial market growth, excellent efficiency enhancers, competitive public and private institutions, make Australia a great place for doing business.

Planning for the future must target investment reflecting current national priorities such as the national innovation system, economic infrastructure and technological readiness. Policy changes from the Government should aim at minimising barriers and maximising opportunities for innovation encouraging business to invest in R&D creating greater business competitiveness. Port, land and rail infrastructure needs to be made more efficient and effective with cities making better use of existing transport infrastructure. The telecommunication network must be updated by adopting a superfast broadband network....

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