The article investigates how a country's financial market development is linked to its competitiveness during times of crisis. The researchers used econometric models to analyze factors like Global Competitiveness Index, GDP per capita, unemployment rate, foreign market size, exports, and infrastructure. They found that financial market development is influenced by these factors, with some impacting it positively as expected, and others unexpectedly. Policymakers can use these findings to improve their country's competitiveness by focusing on these key variables.