Explain The 12 Pillars Of Competitiveness

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The 12 Pillars of Competitiveness (see appendices 1.2) 1. Institution Ireland’s institution is ranked on the efficiency of its public and private sectors, the legal framework which individual, companies and governments interact. This determines the quality of the public institutions of a country and influences the competitiveness and growth of the economy. According to the WEF report (2015-2016) Ireland scored relatively high in the strength of investor protection and low in the wastefulness of government spending, this highlights that Ireland has successfully implemented laws and policies to protect investors. 2. Infrastructure According to the WEF report (2015-2016) Ireland’s infrastructure has effective modes of transport such as roads,…show more content…
The size of the Irish market also determines the effect it has on an international scale. Ireland invested into FDI and their domestic market to boost their successful economy and focused on FDI attraction to increase the import and export market. According to the WEF report Ireland rank 6th with regards to their export as a percentage of their GDP. 11. Business Sophistication The most competitive economies are those with the most networked and advanced operations and strategies. Sophisticated business practices are conducive to higher efficiency in the production of goods and services. There are two elements that are intricately linked: the quality of a country’s overall business networks and the quality of individual firms’ operations and strategies. According to the WEF Ireland rank average in all aspects of this section reducing Ireland’s overall ranking in the WEF report. 12. Innovation Innovation can emerge from new technological and non-technological knowledge. Non-technological innovations are closely related to the know-how, skills, and working conditions that are embedded in organisations. The final pillar of competitiveness focuses on technological innovation and a competitive economy must nurture original thought. Ireland rank as high as 9th for their engineering and scientific…show more content…
However, the Irish healthcare system needs deeper structural reforms to contain expected cost which increases and maintain favourable health outcomes in the face of an ageing population. When the Irish health care system is compared to the Netherlands it is evident that Ireland can benefit by following the leaders of Europe in this area. The Netherlands have the most efficient healthcare system and have been top for the past fifth years in a row, scoring 898 of a maximum 1,000 points. According to the WHO (2015), the Netherlands have ‘a chaos system’, meaning patients have a great degree of freedom from where to buy their health insurance, to where they get their healthcare service. The difference between the Netherlands and other countries in Europe is that the chaos is managed. An example is that in the Netherlands healthcare decisions are made between the patients and healthcare
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