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cartref > Transactions > Volume 30 - 2024 > CAN WALES COMPETE ECONOMICALLY? EVIDENCE FROM THE CARDIFF CAPITAL REGION

CAN WALES COMPETE ECONOMICALLY? EVIDENCE FROM THE CARDIFF CAPITAL REGION

Against a plethora of negative stories and downbeat narratives, there is evidence to suggest that the economic trajectory of Wales is actually on an upward trend. For example, findings from the latest edition of the UK Competitiveness Index (UKCI) indicate that many local authority areas across Wales have been making positive economic strides.

The concept of competitiveness is a composite one, encapsulating measures of inputs to local economies – including human capital, entrepreneurship, and industrial structure – as well as outputs for local businesses and organisations. These outputs include productivity, and outcomes for people living in these local economies in terms of the capability to access high quality employment. Therefore, the competitiveness of a local economy is defined by overall economic performance and well-being across a range of measures rather than by one single metric such as Gross Value Added per capita.

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