An Econometric Approach of Computing Competitiveness Index in Human Capital

The aim of this paper is to provide methodology of estimating one of the components (pillar) of the Global Competitiveness Index (GCI), health and primary education (HPE) pillar for not included in the Global Competitiveness Report countries using conventional econometric techniques. Specifically, using the weighted least square and bootstrapping methods, we enable to compute the HPE for two countries of the former Soviet Union, Uzbekistan and Belarus and then compare the computed indices to the indices of other countries. This allows us to understand the current situation in human capital development in these two countries