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Imports fell, spurring a decline in the rank.
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MIAMI.- Latin America - including Brazil and Mexico- has become more globalized, according to the fourth annual Latin Globalization Index from Latin Business Chronicle, which notes that while Dominican Republic reduced its score slightly, it kept its rank as the seventh-most globalized country in the region and the second-most within the CAFTA pact.

The index of 18 countries looks at six factors that measure a country's links with the outside world:  Exports of goods and services as a percent of GDP’ Imports of goods and services as a percent of GDP; Foreign direct investment as a percent of GDP; Tourism receipts as a percent of GDP; Remittances as a percent of GDP; Internet penetration.

The Latin Globalization Index - the most extensive of its kind - aims at measuring how the region overall and each country individually fares when it comes to globalization. By measuring as a percent of GDP rather than by real numbers, the index reveals the impact of key globalization benchmarks on a nation's economy.

Panama once again stands out as the most globalized country in Latin America, followed by Costa Rica.

Dominican Republic's slight decline was due to its imports, FDI, tourism receipts and remittances as a share of GDP falling from 2006 to 2007. Also Internet penetration fell, while exports as a share of GDP grew.

All in all, Latin America boosted its score by 0.23 percentage points to an average of 10.44 points. A clear majority – 13 - of the 18 countries in this year's index improved their scores, while only five saw declines.

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