The Role of CESEE Countries
Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald
Chapter 4: New indicators of competitiveness: the Austrian perspective
Traditionally the assessment of the competitiveness position of a country focuses on price and cost measures and on goods exports. However, in the last two decades globalization has changed the production processes fundamentally. Hence, these traditional indicators and rankings deliver only an incomplete explanation for the export success of countries. Based on the example of Austria, a small open economy, the authors show that these changing trade patterns require new competitiveness indicators, accounting for the growing importance of global value chains, services exports and non-price factors of competitiveness.
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