Mon | Oct 23, 2017

Jamaica ranks 86th in Global Competitiveness Index

Published:Saturday | October 3, 2015 | 10:46 AM
Jamaica, while maintaining its overall competitiveness, also managed to improve its performance on procedures to starting a business, ranking third globally and 8th in the legal rights index.

Jamaica has retained its ranking of 86th in the just released Global Competitiveness Report, introduced by the World Economic Forum in 2004.

The report provides 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.

Jamaica, while maintaining its overall competitiveness, also managed to improve its performance on procedures to starting a business, ranking third globally and 8th in the legal rights index.

The report suggests that countries failing to improve or maintain competitiveness since the recession can face future shocks to the global economy, which could have deep and protracted consequences; this is particularly true for emerging markets, according to the World Economic Forum.

The study recommended greater reform efforts and investments in infrastructure, skills and innovation.

Industry Minister Anthony Hylton, says reforming the environment is priority for the Ministry and its agencies.

“Perhaps, an important lesson to take away from this report is that Jamaica cannot relax its efforts to build a stronger more enabling business environment, the country still has a lot of work to do to improve its resilience to external factors, however, there is demonstrable evidence that work has started in this regard,” he said.

Global Competitiveness Index scores were calculated by drawing together country-level data covering 12 categories regarded as the pillars of competitiveness.

“Jamaica continues to struggle in the most problematic factors for doing business where inefficient government bureaucracy, crime and theft, tax rates, corruption and access to financing were identified as being the top five hindrances in doing business", Hylton said.

"As a Government we are making strides to fix these issues as well as improve key drivers such as productivity, innovation and entrepreneurship. In this way our human capital can flourish and so too our economy", Hylton.