Increasing the competitiveness of a country is a significant challenge for policymakers since this is linked to the country's economic development. For measuring global competition, the World Bank uses the Global Competitiveness Index (CGI) 4.0, which includes 12 pillars for various aspects of competitiveness. This analysis aims to investigate the correlation of the CGI 4.0 pillars on economic development as expressed by Gross domestic product (GDP) per capita. We used panel data for the year 2019 from World Bank for 137 countries and applied regression analysis. Our findings suggest policymakers should focus on optimizing the Skills, Health Information and communication technology pillars to further promote a country’s economic development and wealth.