Council CEO Chairs Committee at World Economic Forum
October 21, 2011
The Council on Competitiveness is happy to announce that CEO Deborah Wince-Smith will be chairing the World Economic Forum’s Global Agenda Council on Competitiveness (GACC). Having just returned from the 2011 Summit on the Global Agenda in Abu Dhabi, United Arab Emirates, Deborah will be attending the Forum’s 2012 annual meeting in Davos, Switzerland.
The GACC defines competitive economies as those which are the most productive and that provide high and rising living standards for their citizens. However, the model of a competitive economy is changing as new, 21st Century challenges emerge. For longer term economic performance social inclusion and environmental sustainability take their place alongside the traditional twelve pillars of competitiveness (Institutions, Infrastructure, Macroeconomy, Health and Primary Education, Higher Education and Training, Goods Market Efficacy, Labor Market Efficacy, Financial Market Sophistication, Technological Readiness, Market Size, Business Sophistication, and Innovation).
The GACC will also be putting forward new governance models for accountability, transparency, and business and governmental organizations. In particular, the GACC identified what they believe is a misalignment between short term incentives and longer term goals by government and business. For example, being stuck in a mode whereby success in the next election or next quarter become more important than the implementation of the steps necessary to realize positive long term outcomes.
As an answer to this misalignment, new governmental models might be needed that offer a more streamlined approach and do a more effective job of taking into account the needs of society and markets and producers and consumers. For business, models are said to be needed that create financial and other incentives for longer term thinking by business leaders.
Understandably, GACC members still have much to do in the coming months. Deborah is also the president of the Global Federation of Competitiveness Councils and has a special interest in international economic best practices for the purpose of promoting national competitiveness. Together with Jon Azua Fahad Al Raqbani from Etisalat University, United Arab Emirates, and Kevin Murphy, President and CEO of J.E. Austin Associates, Deborah will be working to deliver the National Competitiveness Council guidelines in time for Davos in January of 2012.
The GACC defines competitive economies as those which are the most productive and that provide high and rising living standards for their citizens. However, the model of a competitive economy is changing as new, 21st Century challenges emerge. For longer term economic performance social inclusion and environmental sustainability take their place alongside the traditional twelve pillars of competitiveness (Institutions, Infrastructure, Macroeconomy, Health and Primary Education, Higher Education and Training, Goods Market Efficacy, Labor Market Efficacy, Financial Market Sophistication, Technological Readiness, Market Size, Business Sophistication, and Innovation).
The GACC will also be putting forward new governance models for accountability, transparency, and business and governmental organizations. In particular, the GACC identified what they believe is a misalignment between short term incentives and longer term goals by government and business. For example, being stuck in a mode whereby success in the next election or next quarter become more important than the implementation of the steps necessary to realize positive long term outcomes.
As an answer to this misalignment, new governmental models might be needed that offer a more streamlined approach and do a more effective job of taking into account the needs of society and markets and producers and consumers. For business, models are said to be needed that create financial and other incentives for longer term thinking by business leaders.
Understandably, GACC members still have much to do in the coming months. Deborah is also the president of the Global Federation of Competitiveness Councils and has a special interest in international economic best practices for the purpose of promoting national competitiveness. Together with Jon Azua Fahad Al Raqbani from Etisalat University, United Arab Emirates, and Kevin Murphy, President and CEO of J.E. Austin Associates, Deborah will be working to deliver the National Competitiveness Council guidelines in time for Davos in January of 2012.
Contact:
Lisa Hanna
T 202 383 9507
F 202 682 5150
lhanna@compete.org