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How does a country become more competitive?


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Competitiveness
The ability of a country to compete successfully internationally and maintain improvements in real output and wealth
Foreign Direct Investment
The investment by foreign companies in the production of goods and services in another country
Wages and relative unit costs
Cost factors that influence the UK's international competitiveness
Relative inflation rates
Different rates of inflation across the globe that can impact upon competitiveness
Government regulation
Often described as 'red tape', this can hamper international competitiveness
Productivity
Output per worker can influence international competitiveness