INTERNATIONAL COMPETITIVENESS OF ASIAN COUNTRIES

Abstract

Over the past two decades, Asian countries have become serious competitors to the developed countries of the world in international markets and have occupied high positions in the ranking of global competitiveness. The article shows the sources of formation and ways of developing the competitive advantages of these countries. The high positions of Asian countries in world competitiveness ratings are closely related to achieving dynamic economic development of these countries and improving the living standards of population. The article analyzes the main factors that determined the success of Asian countries in international competition, including internal competition, which stimulated the development of skilled labor, related technologies and infrastructure. Active domestic competition has contributed to structural reforms and the preservation of macroeconomic stability. The drivers of Asian economic progress are the two largest economies in the region – India and China. At the same time, among the world leaders in the global competitiveness ratings, there are small-sized economies of the region. An analysis of the strong and weak positions of Asian countries in the key components of the global competitiveness index allows to show the useful experience of the countries of the region in the effective use of factor conditions of competitiveness, creating a favorable climate for intraindustry competition, and stimulating domestic and foreign demand.