Global Competitiveness Index: DR is 101st of 144 countries
Big government and politics continue to be key obstacles to competitiveness in the Dominican Republic, according to the indicators in the recently released World Economic Forum Global Competitiveness Index Report 2014-2015.
The Dominican Republic is ranked in 101st place of 144 countries analyzed for the update of the World Economic Forum Global Competitiveness Index Report 2014-2015. The report focuses on the most problematic factors for doing business.
In the current edition, the DR moved up from position 105.
In Latin America and the Caribbean, the Dominican Republic falls below Puerto Rico (32), Chile (33), Panama (48), Costa Rica (51), Barbados (55), Brazil (57), Mexico (61), Peru (65), Colombia (66), Guatemala (78), Uruguay (80), El Salvador (84), Jamaica (86), Trinidad & Tobago (89), Nicaragua (99), and Honduras (100). Haiti, on the other side of the island is ranked in 137th place.
The index is a tool that assesses the competitiveness of economies across all geographies and stages of development. The GCI seeks to pinpoint the areas affecting the countries’ long-term productivity that can be improved.
Productivity is described as the key driver of economic growth.
The World Economic Report says in its conclusion that the current edition of the report highlights the need for more structural reforms and enhanced smart investments to accelerate robust economic growth, create productive jobs and boost inclusive growth with more and better opportunities for all segments of the population.
The Dominican Republic is included in the middle level “efficiency-driven” economies, with the least advance being those rated as “factor-driven” and the most advanced described as “innovation-driven.”
The study identifies the most problematic factors for doing business are tax rates, access to financing, corruption, inflation, inadequately educated workforce and inefficient government bureaucracy. The DR did not place in any of the detailed indicators in education and training.
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