Competitiveness of oil-exporting developing and emerging countries and parameters critical for increasing it

Abstract

This study has attempted to determine the most critical parameters impacting the competitiveness of oil-exporting developing and emerging countries. If such parameters are identified, then their improvement can play a decisive role in the improvement of the overall competitiveness of these countries. This is important, as the imminent end of the oil age will leave these countries without their primary source of revenues. Enhancing competitiveness can at least partially improve the situation. The authors applied the dynamic panel model technique to estimate the influence of different parameters, represented by indicators of the global competitiveness indices using World Economic Forum data. The results received demonstrate that certain indicators, predominantly under pillars 1 (institutions), 5 (higher education and training), 6 (goods market efficiency) and 11 (business sophistication), have the greatest impact. Therefore, their improvement will play a decisive role in enhancing the overall competitiveness of the countries under consideration.