On December 16, 2020, the World Economic Forum (WEF) released the Special 2020 Edition of the Global Competitiveness Report. In light of the extraordinary circumstances of 2020, the report suspended its long-standing Global Competitiveness Index ranking and instead focused specifically on priorities for recovery and renewal. It assessed countries’ preparedness for economic recovery and future economic transformation, and identified four key action areas to foster economic revitalization and transformation: a conducive environment, human capital, market mechanisms, and an innovation ecosystem.
The report indicates that the deep economic recession triggered by the COVID-19 pandemic continues to profoundly impact socioeconomic development. Relatively speaking, certain countries have responded more effectively to the challenges posed by the pandemic to economic development and people’s livelihoods. These countries share several common characteristics: advanced digital economies, robust social security systems, successful integrated planning and implementation of health, fiscal, and social policies, and prior experience in epidemic control. The report also outlines four pathways to promote economic revitalization and transformation in the post-pandemic era: improving the policy environment—focusing on enhancing public services, planning and managing public debt, among others; optimizing human capital—including creating new job opportunities and implementing large-scale skills training programs; reforming market mechanisms—such as increasing financial system inclusivity and revising competition and antitrust policies; and strengthening the innovation ecosystem—by encouraging both public and private sectors to increase R&D investment.
Last updated: 2026-03-08