{"id":8835,"date":"2013-10-29T09:11:54","date_gmt":"2013-10-29T14:11:54","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=8835"},"modified":"2013-10-29T09:11:54","modified_gmt":"2013-10-29T14:11:54","slug":"chile-and-panama-take-lead-as-latin-america%e2%80%99s-most-competitive-economies","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/chile-and-panama-take-lead-as-latin-america%e2%80%99s-most-competitive-economies\/","title":{"rendered":"Chile and Panama Take Lead as Latin America\u2019s Most Competitive Economies"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/10\/wef-logo.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8836\" title=\"Impression of the making of the Annual Meeting 2011 of the World Economic Forum in Davos\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/10\/wef-logo.jpg\" alt=\"\" width=\"640\" height=\"427\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/10\/wef-logo.jpg 640w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/10\/wef-logo-300x200.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p>In a Nearshore Americas article Duncan Tucker writes of the recent report from the World Economic Forum and the report card for the Americas.<\/p>\n<p><strong>Chile is the highest ranked Latin American nation in the World Economic Forum\u2019s Global Competitiveness Report 2013\u20132014, published in September 2013, while Costa Rica leads the region in a sub-index for innovation.<\/strong><\/p>\n<p>Overall, Latin America grew by three percent in 2012, slightly less  than in previous years, but the rate remains steady in the region and  greater than in many of the world\u2019s more advanced economies, with  further growth of three percent projected for 2013  and 3.4 percent for 2014. \u00a0This growth is being driven by a recovery in  several export markets and robust internal demand based on fairly good access to financing, the WEF states.<\/p>\n<p><strong>Productivity Woes<\/strong><\/p>\n<p>The global financial crisis and ensuing developments have heightened  the role of emerging economies in the global context, the WEF notes,  accelerating the major economic transformations already underway,  fueling rapid growth and lifting millions of people out of poverty.<\/p>\n<p>However, Latin America continues to suffer from low levels of  productivity and slow productivity growth rates which have led to a  certain stagnation in competitiveness over the last year. On average,  the ten highest ranked Latin America states have fallen 1.2 places in the WEF competitiveness index since 2012.<\/p>\n<p>The most problematic factors for doing business among these countries  are: corruption, inefficient government bureaucracy, inadequate supply  of infrastructure, crime and theft, inadequately educated workforces  and restrictive labor regulations. In order to heighten productivity in  the region, action must also be taken to improve the functioning of  institutions; the quality of infrastructure; the allocation of  production factors through enhanced competition; and the skills,  technology, and innovation base, the WEF states.<\/p>\n<p>\u201cParticularly important will be the ability of economies to create  new value-added products, processes, and business models through  innovation,\u201d says WEF  Executive Chairman Klaus Schwab. \u201cGoing forward, this means that the  traditional distinction between countries being \u2018developed\u2019 or  \u2018developing\u2019 will become less relevant and we will instead differentiate  among countries based on whether they are \u2018innovation rich\u2019 or  \u2018innovation poor.\u2019 It is therefore vital that leaders from business,  government, and civil society work collaboratively to create enabling  environments to foster innovation and, in particular, to create  appropriate educational systems.\u201d<\/p>\n<p><strong>Measuring Global Competitiveness<\/strong><\/p>\n<p>The WEF defines competitiveness as \u201cthe set of institutions,  policies, and factors that determine the level of productivity of a  country.\u201d Its main competitiveness index is divided into three  sub-indexes. The first, the Basic Requirements sub-index, measures the  quality of institutions, infrastructure, macroeconomic environment, health and primary education, and is considered key for factor-driven stage-one economies such as Nicaragua.<\/p>\n<p>The second, the Efficiency Enhancers sub-index, measures the quality  of higher education and training, goods market efficiency, labor market  efficiency, financial market development, technological readiness, market size, and is considered key for efficiency-driven stage-two economies such as Colombia and Guatemala.<\/p>\n<p>Finally, the Innovation and Sophistication sub-index measures the  quality of business sophistication and innovation, and is considered key  for innovation-driven stage-three economies, such as Germany and the  United States. There are no stage-three driven economies in Latin  America, but Argentina, Brazil, Chile, Costa Rica, Mexico, Panama and Uruguay are all defined as in transition from stage two to three.<\/p>\n<p><strong>Chile Leads the Way<\/strong><\/p>\n<p>Chile has the most competitive economy in Latin America and the 34<sup>th<\/sup> most competitive on earth, according to the WEF rankings. Chile\u2019s key  strengths are its efficient government, strong institutions and low  levels of corruption. It has solid macroeconomic stability, with a  balanced public budget and low levels of public debt, and  well-functioning markets with high levels of domestic competition and  openness to foreign trade. Chile has also greatly strengthened its IT infrastructure,  almost doubling its international Internet bandwidth capacity from 20  to 40 kb\/s per user over the past year and expanding its number of  Internet users to the 45<sup>th<\/sup> highest in the world.<\/p>\n<p>Chile leads the region in the Basic Requirements and Efficiency  Enhancers sub-indexes, but in order to progress further up the main  index it must diversify its economy and move toward higher-value-added  activities, the WEF says. Furthermore, to improve in the innovation  sub-index \u2013 where it trails Costa Rica and Panama \u2013 Chile  must address weaknesses in the educational system, especially in the  areas of math and science, so as to produce a workforce with the  necessary skills for innovative projects. More innovation-related  investment in the private sector is also required.<\/p>\n<p><strong>Panama\u2019s Educational Progress<\/strong><\/p>\n<p>The Central American state of Panama  follows Chile as the second most competitive economy in Latin America.  Panama has consolidated its position as a major transport hub by  developing excellent port and airport networks, while its financial  market and technological adoption continue to improve as more  multinational corporations set up operations in the country. Panama is  the best rated country in the region for company spending on research  and development and it has significantly improved the quality of its  education which rose from 112<sup>th<\/sup> best in the world to 75<sup>th<\/sup> in the last year.<\/p>\n<p><strong>Costa Rica on the Rise<\/strong><\/p>\n<p>Panama\u2019s neighbor Costa Rica rose three places in this year\u2019s  competitiveness rankings, the largest rise among the Latin American  countries listed. This was largely due to its open economy and strong institutions,  and its high-quality educational system which provides a skilled labor  force. Costa Rica also has the best innovation rating in Latin America  and the 31<sup>st<\/sup> best worldwide. The Central American state has  the best rated scientific research institutions and the best  university-industry collaboration in research and development in the  region. It also leads Latin America in terms of availability of  scientists and engineers. Challenges to be overcome include wasteful  government spending, crime, poor transport infrastructure and difficulty  in accessing finance.<\/p>\n<p><strong>Mexican Reforms Key to Further Growth<\/strong><\/p>\n<p>Mexico\u2019s is the fourth most competitive state in Latin America,  thanks to its relatively stable macroeconomic environment, a sound  banking system, a large and deep internal market allowing for important  economies of scale, and a reasonably good transport infrastructure.  Following a period of political transition, government reforms of the  labor market, education and the energy sector could help Mexico  to make much needed improvements to further boost competitiveness,  while the government must also tackle crime and corruption, enhance  security and strengthen its institutions.<\/p>\n<p><strong>Brazil Takes a Tumble<\/strong><\/p>\n<p>The next highest ranked country in the region is Brazil,  which slipped eight places in this year\u2019s index due to a slight  deterioration in some macroeconomic indicators, a tightening of access  to financing, and a lack of progress in some of the most pressing  challenges facing the nation. Brazil boats the highest rated capacity  for innovation in Latin America and benefits from its large market size  and its fairly sophisticated business community, with pockets of  innovation excellence. However, it must improve the functioning of its  institutions, government efficiency and corruption, while addressing the  issue of low trust in politicians. More must also be done to improve  the quality of infrastructure and education, and to open the economy to  greater foreign competition in order for Brazil to move back up the  rankings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a Nearshore Americas article Duncan Tucker writes of the recent report from the World Economic Forum and<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8835","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chile and Panama Take Lead as Latin America\u2019s Most Competitive Economies - Blog and Newsletter<\/title>\n<meta name=\"robots\" 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