The World Economic Forum’s Global Competitiveness Index has been released, with Switzerland, Singapore, Finland, Sweden, the Netherlands, Germany, the U.S., the U.K., Hong Kong and Japan rounding out the top 10. No big surprises, eh? But what about Latin America’s showing? Taking a closer look at the results, it looks like the region’s competitiveness on a global level doesn’t quite pan out how one may assume.
On the whole, the region improved. Latin America and the Caribbean grew at an average rate of 4.5% over the past year, thanks to an increased demand for local commodities and improved macroeconomic management. However, challenges remain, including a weak institutional set-up, poor infrastructure and inefficient allocation of production resources due to low levels of competition.
Country-by-country, how did Latin America do? Let’s take a look at some of the major players.