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Abstract
The objectives of the research are: (1) to investigate the development of global competitiveness index (GCI) of ASEAN-7 countries as an illustration of economic performance and potentiality, (2) to investigate which factors or pillars are drivers for the improvement of GCI ASEAN-7 countries, and (3) to analyze the effect of Gross Domestic Product (GDP) on GCI of ASEAN-7 countries. The analysis method used in calculating the weight of the contribution of each pillar to changes in the competitiveness index, and determining the effect of GDP on GCI, a Semi-Logarithmic Regression analysis is used. The result shows that during the period of year 2008/2009 to the year of 2016/2017, the rank and index of GCI of each ASEAN-7 countries continue to increase. The pillars of the basic requirement subindex still dominate the largest contribution to the improvement of the competitiveness index for Indonesia, Philippines, Thailand, Cambodia, and Vietnam. As for Malaysia and Singapore sub-indexes of efficiency enhancers and innovation-sophistication have been able to give the largest contribution to the improvement of GCI. The GDP of ASEAN-7 countries has a positive and significant impact on the improvement of global competitiveness index, except for Thailand. The most problematic factors in improving the competitiveness index are corruption, inadequately educated labour, access to financing, tax regulations, and inefficient government bureaucracy.
Highlights
Ranking of competitiveness, the prospect of economic growth and their forming factors have been on the agenda in almost more than 25 years
Development of Global Competitiveness Index (GCI) of ASEAN-7 Countries Figure 2 presents the ranking of ASEAN-7 GCI from 2008 to 2016
The graph shows that the Philippine, Vietnam, Indonesia, Malaysia, and Singapore experience an increase in competitiveness scores
Summary
The prospect of economic growth and their forming factors have been on the agenda in almost more than 25 years. This is done related to the process of economic internationalization that occurs in the world today. According to Hutabarat (2014), the economic consultancy institutions and the company executives are competing to use it to analyze and devise suggestions and implement policies needed to improve a country's performance indicators and competitiveness rating. One of the raters that widely known by the business executives and the policymakers is the World Economic Forum (WEF) with the Global Competitiveness Index (GCI). If a country is classified as a country with a low GCI, the businessmen believe that this country will not be able to develop according to its capabilities, and vice versa
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