Latin America’s productivity challenge


4th September 2013

The WEF’s latest competitiveness report lauds the region’s macroeconomic stability, but underlines productivity as a continued challenge.

Latin America’s competitiveness in the global economy remains hampered by slow growth in productivity. Such is the finding of the latest Global Competitiveness report published annually by the World Economic Forum. The report highlights the healthy pace of economic growth – which, while slower than in the past decade, still outpaces more advanced economies – and the sound macroeconomic conditions that led to this growth. Still, it says the region suffers from a deficit of infrastructure and a lasting improvement in productivity. “This will require a series of overdue reforms that have been repeatedly postponed, along with significant and sustained investments to support the rapid economic growth of the past years,” the report says.
The annual report highlights the relative competitiveness of 184 global economies, evaluating the “institutions, policies, and factors that determine the level of productivity of a country.” The report compiles data measuring the effectiveness of twelve “pillars,” including the effectiveness of state institutions, infrastructure development, macroeconomics, education, market efficiency, technology, and innovation to determine which economies are best prepared to be successful. Switzerland has topped the list for a number of years, with Singapore coming in second place. The top 5 are rounded out by …

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