Global Competitiveness Report: from 101st to 98th
The Dominican Republic has moved up to 98th place from 101st in the World Economic Forum’s 2015-2014 Global Competitiveness Report rankings. The report, which reviews 123 indicators in 140 countries, was released on Wednesday 30 September 2015.
In 2011, the DR was ranked 110th.
The DR scores:
Basic needs (40%)
Macroeconomic environment (57)
Health and primary education (104)
Efficiency enhancers (50%)
Higher education and training (92)
Goods market efficiency (97)
Labor market efficiency (108)
Financial market development (93)
Technological readiness (84)
Market size (70)
Innovation and sophistication factors (10%)
Business sophistication (76)
The report reveals that the most problematic factors for doing business in the Dominican Republic are tax rates, corruption, inadequately educated workforce, inefficient government bureaucracy, access to credit, crime and theft, restrictive labor regulations, poor work ethic in labor force, and complexity of tax regulations.
The report is an annual assessment of the factors driving productivity and prosperity in 140 countries. This year’s edition found a correlation between highly competitive countries and those that have either withstood the global economic crisis or made a swift recovery from it. The failure, particularly by emerging markets, to improve competitiveness since the recession suggests future shocks to the global economy could have deep and protracted consequences.
During the launch of the report, Diomedes Christopher, dean of the Business School at the Instituto Tecnologico de Santo Domingo (INTEC) stated: “There is a clear trend towards improving the competitiveness index. Nonetheless, he warned that Central American countries, with the exception of Nicaragua, all are ranked higher than the DR. In Latin America overall, the DR is ranked above Nicaragua, Argentina, Bolivia, Paraguay, Guyana, Venezuela and Haiti.
Christopher observed that in the Latin American region, the DR is 15th of 21 countries.
The Global Competitiveness Report explains that the end of the commodity super cycle has strongly affected Latin America and the Caribbean, and is already having repercussions on growth in the region. Greater resilience against future economic shocks will require further reform and investment in infrastructure, skills and innovation. Chile (35th) still tops the regional rankings and is closely followed by Panama (50th) and Costa Rica (52nd). Two large economies in the region, Colombia and Mexico, have improved their ratings to 61st and 57th.
Oct 2, 2015
Category: DR News |