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ITC Adoption is defined as the set of institutions, policies and factors that determine the level of productivity.
Group 2

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Availability of credit,  equity, insurance, debt and other financial products.
Mitigation of excessive risk-taking and opprtunistic behavior of the financial system.

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Assesses the size of the domestic and foreign markets to which a country´s firms have access.

It is represented by the sum of the value of consumption, investment and exports.

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9.01 The domestic credit to private sector: The total value of financial resources provided to the private sector, expressed as a % of GDP.

9.02 Financing of SMEs:
Answers to the survey question “In your country, to what extent can small- and medium-sized enterprises access finance they need for their business operations through the financial sector?” [1 = not at all; 7 = to a great extent]

9.03  Venture capital availability:
Response to the survey question “In your country, how easy is it for start-up entrepreneurs with innovative but risky projects to obtain equity funding?” [1 = extremely difficult; 7 = extremely easy]

9.04 Market capitalization: The total value of listed domestic companies, expressed as a % of GDP

9.05 Insurance premium
Life and non-life insurance premium volumes, expressed as a % of GDP

9.05 a Non-Life Insurance Premium: (volume to GDP).

9.05 b Life insurance premiums:  (volume to GDP).

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It is divided in Administrative requirements and Entrepreneurial culture.
Administrative requirements include:  cost and time for starting a business, insolvency recovery rate and insolvency regularity framework
Entrepreneurial culture include: attitudes towards risk,  willingness to delegate authority, growth to innovative companies and companies embracing disruptive ideas

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It is divided in interaction and diversity, research and development and commercialization

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Mobile subscriptions (telephone, broadband), fixed broadband  internet subscriptions, fiber internet subscriptions and % internet users.
Group 2

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SOUNDNESS OF BANKS (1-7 best)
NON-PERFORMING LOANS (% of gross total loans(lower is better))
CREDIT GAP (%)
-Measures the difference between the credit-to-GDP ratio and its long-term trend
BANKS´REGULATORY CAPITAL
RATIO (% of total risk-weighted assets)

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Imports of goods and services expressed as a percentage of Gross Domestic Product

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It’s measures technological innovation. In the long run, the well-being of a society can be improved through technological innovation They need enough investment in innovation and development, public and private, quality institutions in the areas of scientific research, collaboration between universities in research and technology, and protection of intellectual property. Risk capital and financing also are measured in this pillar.

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Its is measured by 5 components divided in two categories:

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Its is measured by 5 components divided in two categories:

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- Competitive advantage
Government budget balance. % of GDP.
- Competitive disadvantage
Gross national savings, % of GDP
Inflation in terms of  annual % change
Government debt, % of GDP
Country credit rating
Group 2

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GDP valued at purchasing power parity in billions of international dollars.

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-Diversity of workforce
-State of cluster development
-International co-inventions
-Multi-stakeholder collaboration
*Collaboration inside company
*Collaboration between                companies
*University-industry collaboration in R&D

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Assesses the level of inflation and the sustainability of fiscal policy.

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Assesses the level of inflation and the sustainability of fiscal policy.

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-Number of scientific publications.
-Patent applications: patent family applications.
-R&D expenditures
-Research institutions (private and public) prominence

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The institutional environment is determined by the legal and administrative framework within which individuals, firms, and governments interact to generate wealth. It includes the government’s attitude towards markets, freedoms and the efficiency of its operations. Bureaucracy, excessive regulations, corruption, dishonesty, lack of transparency and lack of independence of the judicial system impose significant costs on businesses and slow down the development process. Transparency of the private sector is essential for business.This framework influences investment decisions, the organization of production, the way benefits are distributed and the costs of development policies and strategies to create a better country.

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Countries with efficient goods market are well-positioned to produce the right mix of products and services according to their particular supplier-demand conditions. They also ensure that these goods can be traded more efficiently in the economy.  Markets that are developed efficiently have minimal government intervention

Index: 0-100
-Domestic competition
-Trade openness

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-Exports
-Productivity
-Globalization
-International trade

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-Buyer sophistication (what drives the purchase decision)
-Trademark Applications (# trademark applications per million population)

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5th Pillar - Health

Refers to a healthy workforce to be competitive and have productivity. If there are low health levels the costs especially for the businesses are going to increase significantly due to the fact that there is less efficiency and more absenteeism among the workforce. It also takes into account the quality and quantity of basic education received by the population. This allows the development of the potential of workers, facilitating their incorporation into more advanced production processes.

Aspects taken into account:

Health life expectancy: "Number of years that a newborn can expect to live in good health, taking into account mortality and disability"

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Its  relationated with the quality of a country’s business networks and the quality of operations and strategies of individual companies. The first aspect is measured by the quantity and quality of local suppliers and the extent of their interactions. The second element measures aspects of companies such as brand management, marketing, distribution production processes and the production of unique and sophisticated goods.

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6th Pillar - Skills

Better education and job training allows to advance beyond simple production processes. There is a need for well-prepared teams able to do complex tasks and adapt to any kind of situation in our changing environment.

In this way, countries will improve their competitiveness by having specialized and high quality education, and preparing the present and future workers. to generate services and products with a high added value.

It contemplates the measurement among others: recruitment rates and the quality of education. It is evaluated by the business leaders and the scope of training in the jobs to ensure updating the workers’ talents.

Aspects taken into account:

Current Workforce

Mean years of schooling

Skills of current workforce

Future Workforce

School life expectancy

Skills of future workforce

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Are seen as a complement to domestic demand to determine the total size of the business market and should be considered as part of an expanded market for a country’s enterprises.

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Ensures the effective functioning of the economy

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Ensures the effective functioning of the economy

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Refers to the flexibility or pliancy of the labor market for workers to move into another economic activity, this includes the quickness, efficiency and low cost for the shift to a different labor. There can be changes in people's wages but must have low social unrest and impact. The labor market must also incentivize workers to assure efficient production and enhance competitiveness, the opportunities in the market need to be equal for every person.

This pillar is divided into Flexibility and Meritocracy and incentivization. In turn, these categories are subdivided into eight and four aspects respectively.

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determining the location of economic activity and the kinds of activities or sectors that can develop within a country

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Reduces the effect of distance between regions, integrating the national market and connecting it at low cost to markets in other countries and regions.

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A large market allows companies to exploit economies of scale.

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A solid and extensive telecommunications network allows:  

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A solid and extensive telecommunications network allows:  

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A rapid and free flow of information that ends in increasing economic efficiency

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Markets have been expanding beyond the borders of a country, this is especially beneficial for countries with small local markets.

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Security

Organized crime

Homicide rate

Terrorism incidence

Reliability of police services

Social capital

Social capital

Checks and balances

Budget transparency

Judicial independence

Efficiency of legal framework in challenging regulations

Freedom of the press

Public- sector performance

Burden of government regulation

Efficiency of legal framework in setting disputes

E-Participation

Transparency

Incidence of corruption

Property rights

Property rights

Intellectual property protection

Quality of land administration

Corporate governance

Strength of auditing and accounting standards

Conflict of interest regulation

Shareholder governance

Future orientation of government

Government adaptability

Government ensuring policy stability

Government’s responsiveness to change

Legal framework’s adaptability to digital business models

Government long-term vision

Commitment to sustainability

Energy efficiency regulation

Renewable energy regulation

Environment-related treaties in force

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A positive effect on the growth of a country’s economy. (better for countries with small markets)

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Transport infrastructure

Road

Road connectivity

Quality of road infrastructure

Railroad density

Efficiency of train services

Air

Airport connectivity

Efficiency of seaport services

Utility infrastructure

Electricity

Electricity access

Electricity supply quality

Water

Exposure to unsafe drinking water

Reliability of water supply