TT slips in global competitiveness — IOB/World Economic Forum study

In the most recent study of global competitiveness, conducted by the IOB in collaboration with the World Economic Forum, Trinidad and Tobago ranked 49th out of 102 countries in Growth Competitiveness, and 53rd in terms of Business Competitiveness.  This represents a slight deterioration relative to other countries done in the survey. Last year, Trinidad and Tobago ranked 47th and 53rd for Growth Competitiveness and Business Competitiveness respectively. For 2003, Trinidad and Tobago ranks behind Chile, Mexico and El Salvador in the Latin American region for Growth Competitiveness (last year Trinidad and Tobago was second only to Chile), and sixth for Business Competitiveness, behind Chile, Brazil, Costa Rica, Mexico and Colombia (in 2003 Trinidad and Tobago ranked behind Chile, Costa Rica, Brazil and the Dominican Republic only).  Crime and theft and inefficient bureaucracy were ranked as the two most problematic factors affecting business on the island.

Other Highlights :
* Finland is the most competitive economy holding first position in the Growth Competitiveness Index rankings due to a good all-round performance.
The United States holds a commanding position in the technology area, but this is offset by some weakening in the quality of its public institutions and macroeconomic environment, particularly public finances, where the country ranks 50 among the 102 countries surveyed.
* Taiwan and Singapore, ranked fifth and sixth respectively, are Asia’s best performing countries. Taiwan’s position is largely due to its excellent performance in technology and Singapore’s to its sound macroeconomic environment and quality of public institutions.
* Botswana (36th) is Africa’s best performing economy-showing progress in most areas, except for lower scores in innovation.
* Chile (28th) is the highest ranking economy in Latin America, way ahead of Mexico (47th), the second highest ranked economy in the region.

Gradually, through a combination of good macroeconomic management and a broad range of institutional reforms Chile is joining the ranks of the most competitive economies in the world, effectively migrating, in a figurative sense, away from the economically troubled region. “By providing detailed information on the economic conditions of nations worldwide, The Global Competitiveness Report is a contribution to enhancing our understanding of the key ingredients of economic growth and prosperity. By highlighting the strengths and weaknesses of an economy, policy-makers and business leaders are assisted in their decision-making, whether through the introduction of new economic measures or institutional reforms,” notes Professor Klaus Schwab, executive chairman of the World Economic Forum.