Abstract
The influence of various factors on the competitiveness of national economies is investigated in many articles, however, there is little research on the impact of resource prices on it. This article aims to examine the effect of crude oil prices on the global competitiveness of both producing countries and countries consuming oil. Based on annual data from 60 countries for 2006–2017, a regression analysis of panel data with fixed effects shows that exceeding the annual growth rate of oil prices over GDP growth rates reduces the growth rate of the global competitiveness index, and it is twice strong for oil exporting countries than for countries non-oil exporters. And the growth of average labor productivity, total factor productivity, the share of employed in the total population, High-technology exports, and the Gross capital formation raises the country's global competitiveness index. Due to the rise in world oil prices, exporting countries are moving downward in the global competitiveness ranking more than non-oil exporters.Keywords: oil price, global competitiveness index, panel dataJEL Classifications: C33, C55, F6, O47DOI: https://doi.org/10.32479/ijeep.8089
Highlights
In the context of globalization, for each country integrated into the world community, the problem of increasing the competitiveness of the national economy is paramount
One of them among the independent variables contains the logarithm of average labor productivity, and the other one instead contains the logarithm of the total productivity of factors
The purpose of this article is to assess the impact of changes in world oil prices on the global competitiveness index (GCI)
Summary
In the context of globalization, for each country integrated into the world community, the problem of increasing the competitiveness of the national economy is paramount. The absence of foreign economic barriers makes the world market into a single field of competition, and only those countries that are able to compete take their place in it. Factors affecting the competitiveness of a country can be classified based on the approaches of the World Economic Forum and the Institute for Management Development.
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