Assessing the Key Factors Measuring Regional Competitiveness

Today's competitive advantage is built through sustainability. Regional competitiveness is undoubtedly one of the most important components for achieving sustainability of development at the local level. The analysis of key factors and their correlations, aimed at gauging regional competitiveness, yields valuable insights into the multifaceted elements that impact the growth and advancement of underprivileged regions. However, a crucial question remains: What precisely are the factors that form the foundation for assessing and measuring regional competitiveness? The literature review and analysis initially identified the ten most frequently mentioned factors for measuring regional competitiveness. The overarching aim of the research is the understanding of the ten main determining factors of regional competitiveness and the extraction of ten propositions based on those ten factors and exploring the relationship between various factors and regional competitiveness. This study's time frame was from August 2023 to January 2024. In this research, our aim was to undertake a traditional literature review, concentrating on the context of doing a more traditional and critical literature review rather than a systematic literature review. We assess and evaluate published research spanning the last five years (2018-2023); we have identified and emphasized ten central and widely published factors that span various domains, including (1) economy, (2) labor market, (3) poverty and social inclusion, (4) healthcare, (5) educational infrastructure, (6) environmental considerations, (7) transportation infrastructure, (8) science and technology, (9) high-tech industries, and (10) innovation. Our main findings on these ten reviewed factors indicate the following. (a) The economy factor should be expanded to include education, healthcare, and environmental sustainability parameters, while (b) there is a need to address youth employment differences in the labor market. (c) Collaborative, multidimensional approaches are important, together with improving health infrastructures and services, to improve poverty and social exclusion. (d) Investments on education and innovation are required to improve prosperity and competitiveness, as are more informed policies and collaborative actions for a greener, healthier, and more sustainable future, and finally, (f) well-planned investments in transportation, the essential link between R&D, innovation, and economic progress, as well as additional high-tech industry development and innovative actions should be taken for permanently sustainable and economic growth of the regions. Overall, the research highlights how economic, social, and environmental factors intertwine to shape successful societies, forming a fundamental understanding of regional competitiveness. The research underscores the interconnectedness of economic, social, and environmental factors in shaping prosperous societies, providing a foundational understanding of regional competitiveness.