There is no one standard formula for economic growth. The leaders of competitive economies have a clear vision and strategy that is selective about the types of clusters they cater to, and focused regarding the assets in which they invest.

Monitor’s approach to the development of differentiated strategies begins with a data-driven competitiveness assessment. This is an important diagnosis that informs strategic action for an economy. By reviewing the current composition, structure, and dynamics of an economy, Monitor helps clients answer key questions, including: Is our economy able to differentiate itself from the surrounding regional marketplace? Are there factors or market conditions that could fuel new, high-potential clusters? Are there policy, governance, or infrastructure gaps that, if addressed, can help to shift investment into our borders?

Good answers to these questions depend upon a rigorous, objective, and relevant benchmarking and competitiveness analysis. The challenge is that data on the microeconomic conditions of regions and clusters within countries is difficult to obtain, particularly in a format that enables valid “apples-to-apples” comparisons. Monitor’s Global Cluster Mapping Database maps the economic composition of provinces and cities across five continents, generating accurate comparisons. By deploying these benchmarks alongside on-the-ground teams that can gather, analyze, and synthesize data in a local economy, Monitor can deliver high-impact assessments both for economies that are rich in data, and for those in which data needs to be aggregated and triangulated.

Good answers help inform a vision that supports competitive advantage, and a strategic roadmap toward this vision. The keystone of any Monitor assessment is a clear and concise action agenda that seeks to mobilize resources and customize investments to support the nation or region’s differentiated positioning.

Economies also face a range of trends and uncertainties such as geopolitical events, shifting demographics, and other external factors that have the potential to challenge their vision or targets. For much of Monitor’s strategy development work, Monitor deploys its unique scenario-planning methodology to explore potential futures for a region or nation, identifying uncertainties and what might exist beyond the horizon. This is often the basis of capturing new opportunities and equally allows for contingency planning for unforeseen risks. Our center of excellence in scenario thinking is housed in Global Business Network, a member of Monitor Group.

With this offering, leaders are able to:

• Craft a strategic economic vision that inspires action and supports the targeted mobilization of resources
• Develop a differentiated positioning and strategy in a competitive regional or global marketplace
• Inform local and international stakeholders about the current composition of and high-potential clusters for the national or local economy