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Costa Rica, the second most competitive economy of Latin America and the Caribbean

By IDeas trademarks & patents - 11/10/2017
Costa Rica, the second most competitive economy of Latin America and the Caribbean

The World Economic Forum presented its Global Competitiveness Report 2017–2018, positioning Costa Rica as the second most competitive economy in Latin America and the Caribbean. "Latin America and the Caribbean have seen 10 years of continued improvement in competitiveness. Chile continues to lead the region at place 33º, followed by Costa Rica ranked 47º and improving seven positions. Panama comes next, ranking 50º and falling eight positions", states the report, an annual assessment of the factors driving countries’ productivity and prosperity.

Institutions, infrastructure and macroeconomic environment are the three most important and valued pillars in Costa Rica for doing business. Otherwise, the most problematic factors are inefficient government bureaucracy, inadequate supply of infrastructure and tax rates.

International business school INCAE highlighted the good qualifications in education and health that the report offers for Costa Rica. According to INCAE these "are partly a result of the accumulation of good social progress policies since independence", while the successes related to investment and technology respond to "more recent structural changes resulting from two important milestones: liberalization of the economy after the debt crisis and the approval of the FTA with the United States that brought openness in telecommunications".

This year the Global Competitiveness Report pointed to three main challenges relevant for economic progress: financial vulnerabilities pose a threat to competitiveness, emerging economies are becoming better at innovation but more can be done to spread the benefits, and labor market flexibility and worker protection are needed for competitiveness. For its ninth consecutive year, the report finds Switzerland to be the world’s most competitive economy, followed by the United States, Singapore, the Netherlands and Germany.

“Global competitiveness will be more and more defined by the innovative capacity of a country. Talents will become increasingly more important than capital and therefore the world is moving from the age of capitalism into the age of talentism. Countries preparing for the Fourth Industrial Revolution and simultaneously strengthening their political, economic and social systems will be the winners in the competitive race of the future,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. 

By IDeas trademarks & patents - 11/10/2017
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