What is GCR

by Yogi P - September 8, 2023

What is the GCR full form?

GCR stands for “Global Competitiveness Report“. It is an annual report that was launched in the year 1979 to assess the competitiveness of nations and their economies around the world.

The report assesses countries in terms of factors such as economic performance, technological advancement, macroeconomic stability, public sector efficiency, labor market and financial system stability, and even local business environment and sustainability.

Background for GCR

The report was developed by the World Economic Forum or WEF, an independent international organization that works to improve the state of the world by engaging business, political, academic and other leaders of society to shape global, regional, and industry agendas.

The report is designed to provide a comprehensive overview of the competitiveness landscape of countries and to serve as a useful tool for decision-makers, business leaders, and competitiveness and economic growth researchers.

The report not only gives an insight into the strengths and weaknesses of different countries but also provides precise measurements of the drivers of economic growth. This way, countries can compare their performance with other countries and can adopt best practices for their own further economic development.

Key features of the GCR

GCR generates rankings of countries according to their performance in a specific year. Each year, the report covers up to 140 economies and more than 500 indicators in 12 categories. These categories include business dynamism, technological advancement, macroeconomic stability, public sector efficiency, labor market and financial system stability, and local business environment and sustainability.

The rankings are based on a combination of survey data collected from a range of stakeholders including business executives, academics, and opinion leaders. The rankings are a result of quantifying the qualitative assessments made by these stakeholders.

The report provides an overall assessment of competitiveness as well as in-depth assessments of twelve sub-indexes and stones composed of more than 90 indicators.

Conclusion

The GCR is an interactive report that provides a comprehensive overview of the competitiveness of countries around the world. It helps countries identify their strengths and weaknesses and encourages them to incorporate best practices in order to further their economic development.

This way, the report facilitates informed policy decisions and helps the world remain competitive in a globalized economy.