In today's global economy experiencing a rapid and comprehensive transformation process, competitiveness of countries have been affected by their ability to produce goods and services with high added value based on advanced technology. The reflection of technology on production process is usually resulted in the form of output and/or byproduct by using research and development (R&D) activities. Competitiveness is measured by various organizations all over the world by using different methods and indicators. According to these measurements/indexes, the more a country invests on R&D and develops new technologies, the higher its ranking of competitiveness will be. This is a clear indicator of the relationship between technological progress and competitiveness. The competitive position of a country is shaped by the functioning of technological development channels. The main purpose of this study is to assess the effects of technological improvements on competitive power in terms of competitiveness indexes under the conceptual framework of technology, technological development and competitive power. In addition to that the effect of technological progress on competitiveness is also discussed and finally the competitive position of countries evaluated in terms of the indexes developed by World Economic Forum (WEF) and International Institute for Management Development (IMD), plus some policy proposals are presented. Keywords: Technological Progress, Competitiveness Indexes, Rankings of Global Competitiveness.