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Beyond the Global Economic Crisis: Ranking Global Competitiveness

Recently, the World Economic Forum released the 2010-2011 Global Competitiveness Report, which examines the many factors that enable national economies to achieve sustained economic growth and long-term prosperity. The report identifies the obstacles that a country faces to improving global competitiveness across 12 "pillars of competitiveness", including institutions, infrastructure, macroeconomics, health and primary education, higher education and training, goods markets, labour markets, financial markets, technological readiness, market size, business sophistication, and innovation. These pillars form the basis of the Global Competitiveness Index (GCI), providing a comprehensive picture of the competitiveness landscape in countries around the world at all stages of development.

The 2010-2011 index was topped by Switzerland, with Sweden, Singapore, the United States, and Germany rounding out the top five. Canada ranked 10th out of the 139 countries that were assessed, while the 'BRIC' nations (Brazil, Russia, India and China) ranked 58th, 63rd, 51st, and 27th respectively. Between the annual reports, the United States fell two places, and Canada dropped one spot, while after years of falling in the rankings, the U.K. moved back up one spot to 12th. At a high level, the analysis notes the increasing competitiveness in many of the developing nations and the stability of many Scandinavian economies, but also highlights the declining competitiveness of some developed nations that must be addressed in the short term.

Overall, the report contains an extensive data section with a detailed profile for each of the 139 economies featured in the study, as well as data tables with global rankings for over 110 indicators. The 2010 report also features special commentary on selected regions and topics, such as the competitiveness of European Union countries, and a review of Latin America's infrastructure challenges. The World Economic Forum website also contains an application enabling further analysis of the GCI through interactive mapping, and bar or scatter chart comparisons.

Today's Labour Market: Are Women Falling Behind?

A recent article posted in the Globe and Mail titled Women at work: still behind on the bottom line and a report by the U.S Congress Joint Economic Committee, titled Women and the Economy 2010: 25 Years of Progress But Challenges Remain, suggest that despite increased women's rights over time, discrepancies remain when comparing women's and men's salaries. For example, Canadian women with a post-secondary education earned on average 63 percent of the salary of similarly educated men, up only 2 percent since 1998. In comparison, college and university-educated women earn on average about 71 percent of what men do in Organisation for Economic Co-operation and Development countries (OECD). In the United States, the Congress Joint Economic Committee concluded in its report that while the pay gap between American men and women has decreased sharply over the last 25 years, it still remains high. In both the United States and Canada, trends are showing that women are participating in the workforce in increasing numbers in order to make ends meet for their families. As economic developers, we need to educate ourselves about the challenges and opportunities that exist for women as we seek to build stronger economies and communities. If you're looking for more information on women in the workforce, the OECD has a Gender Brief that examines issues related to work/family balance and gender equity.

Canada's Labour Shortage: Is Immigration the Key?

Demographic shifts occurring in the Canadian population are raising significant concerns about the ability of communities to sustain their labour forces. The first of the ‘boom’ generation will turn 65 in 2012, and this large cohort of the population will begin to enter retirement from that point forward. Two new policy briefs offer potential solutions that policy makers and local jurisdictions can consider to ensure adequate labour force replacement in this context. Canada’s Future Labour Market: Immigrants to the Rescue?, published in the July/August edition of Policy Options, notes that immigration will account for 80% of population growth by 2030. Policy interventions such as increasing the weight of economic factors in the immigrant entry system and improvement in the temporary foreign worker (TFW) program will be necessary to accelerate labour force replacement. On the other hand, a Conference Board of Canada report titled Sustaining the Labour Force: Alternatives to Immigration suggests that in addition to immigration, better utilizing under-represented portions of the population can offer an additional solution to the growing labour force gap in Canada. In addition to recommending productivity improvements across all industries, the report specifically suggests that improving education and labour force participation rates in Canada’s large First Nations population can improve both labour force and social cohesion outcomes for Canadian communities. Whether through immigration or increased utilization of existing citizens, Canadian municipalities will have to develop strategies to address the looming labour force crunch.

Metro's face "New Realities," According to Brookings Institute Report

A new report from the Brookings Institute, The State of Metropolitan America – On the front lines of demographic transformation, seeks to clarify the past decade’s trends by describing the various “new realities” that American metros are facing. The report outlines five of these new realities: Growth and Outward Expansion, Population Diversification, Aging of the Population, Uneven Higher Educational Attainment and Income Polarization. Given these new realities, the State of Metropolitan America seeks to illuminate the social and demographic trends of the major metropolitan areas to help them effectively manage intergenerational, interracial, and inter-ethnic conflict and gain future prosperity.

The report also outlines how the 100 most populated metropolitan areas have transitioned from their traditional groupings (such as Sun Belt or Rust Belt) into a new demographic seven-category typology of metropolitan cities: Next Frontier Metro Areas, New Heartland Metro Areas, Diverse Giant Metro Areas, Border Growth Metro Areas, Mid-Sized Magnet Metro Areas, Skilled Anchors, and Industrial Cores. According to the report, those metros that were able to create diversified economies with a skilled workforce were the ones able to succeed in the past decade. Based on these findings, the researchers have made several recommendations for the continued success of US metros. While this report focuses on American metros, Canadian communities would benefit from the data and recommendations provided as the trends discussed in The State of Metropolitan America are far-reaching in the new global economy. To read the report, click here.