Abstract
This paper argues that the arbitrary selection of weights by the World Economic Forum (WEF) used in the calculation of the Growth Competitiveness Index (GCI) could lead to a distorted vision of the relative competitiveness of European countries. Using the weights generated by Structural Equation Modelling (SEM), the gap in competitiveness between European Union members becomes more distinct, whilst for many of the acceding and candidate European countries the competitiveness rating is found to have been previously underestimated by the WEF. This paper demonstrates the superiority and robustness of SEM for calculating weights which lead to more reliable policy and business recommendations. [PUBLICATION ABSTRACT]
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