Countries can remain competitive in spite of their higher wages.

Question

Quizplus · Accepted Answer

Countries can remain competitive in spite of their higher wages by focusing on education and skills, innovation, automation, and specialization in high-value industries or niche markets. They can also improve their infrastructure, regulatory environment, and overall business climate to attract and retain investment and talent. Additionally, higher wages often lead to higher productivity and consumer demand, which can stimulate economic growth and enhance competitiveness in the long run.

Countries Can Remain Competitive in Spite of Their Higher Wages