POPULATION WELL-BEING: THE INFLUENCE OF GLOBAL COMPETITIVENESS ON THE HAPPINESS SCORE OF NATIONS
DOI:
https://doi.org/10.24325/issn.2446-5763.v11i32p396-420Keywords:
Global Competitiveness, Happiness, Well-being, Global Competitiveness Report, World Happiness ReportAbstract
This study aims to explore global competitiveness's influence on countries' Happiness Score. Research on global competitiveness underscores the role of innovation in driving productivity, economic growth, and overall improvements. However, criticism has emerged regarding the incomplete nature of this model, which overlooks the aspect of assessing economic success in the happiness and well-being of populations. Multivariate analysis techniques were employed for data analysis, encompassing data from 141 countries. Findings indicate a positive correlation between Global Competitiveness and the Happiness Score. Analyses of the determinants of this score revealed a positive influence of Global Competitiveness on GDP per Capita, Healthy Life Expectancy, Social Support, and Freedom to Make Life Choices. However, there was a negative impact on Corruption Perception. Through a unique analytical approach, this research emphasizes that people’s happiness and well-being are significant for public policy and organizational strategy. Economic development should not be divorced from considerations of happiness, having a balanced approach that prioritizes economic growth and enhances people’s lives. The study highlights that global competitiveness has a limited impact on the freedom to make life choices, indicating that economic factors may hold more significant sway over individuals’ daily lives.
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