Colombia has one of the most competitive economies in the region according to Swiss business school IMD
24 May, Portafolio
The country climbed from 51st to 45th place over the last year, while it improved its rating. At present, it is higher than Mexico, Argentina and Venezuela.
Although different international studies rate Chile as the most competitive country in Latin America, a ranking published last week by Swiss business school IMD shows that Colombia has the economy that made the most progress in the region in this regard over the last year.
IMD evaluates the competitiveness of the 58 most important economies and, in this ranking, Colombia not only climbed from 51st to 45th place between 2009 and 2010, but it also improved its rating by 2,352 points, reaching 53,890 on a scale of 1 to 100,000, where 100,000 is the best.
In fact, such a score, which is based on the evaluation of 300 variables, was only obtained by Singapore, which leads the IMD ranking, while Chile, in 28th place, has a score of 69,669 points, 1,265 less than the previous year.
Brazil, on the other hand, moved forward two places from 40th to 38th, but its score slipped 0.334 points to 56,531. Furthermore, an analysis of this study conducted by Latin Business Chronicle sustains that Brazil's change was due to the backward movement of Peru, which rose from 37th to 41st place, dropping 5,096 points to a score of 54,178.
Mexico also dropped one place in the ranking, going from 46th to 47th place, and the country's authorities have set off alarms as regards what they call weak competitiveness, which may cost them dearly as far as their growth expectations.
The only Latin American country whose score improved according to the IMD'S criteria, like Colombia, was Argentina, which gained 3,851 points for a total of 46,935. However, it did not increase in rank, remaining in 55th place. Venezuela was all the opposite; it has been left behind, ranked as the country with the least competitiveness, not only in Latin America, but out of all the economies assessed by the Swiss school.
The IMD'S World Competitiveness Yearbook is known as a point of reference on how an economy handles its resources and capacities to increase the prosperity of its population, which means Colombia has been doing its homework.
Although different international studies rate Chile as the most competitive country in Latin America, a ranking published last week by Swiss business school IMD shows that Colombia has the economy that made the most progress in the region in this regard over the last year.
IMD evaluates the competitiveness of the 58 most important economies and, in this ranking, Colombia not only climbed from 51st to 45th place between 2009 and 2010, but it also improved its rating by 2,352 points, reaching 53,890 on a scale of 1 to 100,000, where 100,000 is the best.
In fact, such a score, which is based on the evaluation of 300 variables, was only obtained by Singapore, which leads the IMD ranking, while Chile, in 28th place, has a score of 69,669 points, 1,265 less than the previous year.
Brazil, on the other hand, moved forward two places from 40th to 38th, but its score slipped 0.334 points to 56,531. Furthermore, an analysis of this study conducted by Latin Business Chronicle sustains that Brazil's change was due to the backward movement of Peru, which rose from 37th to 41st place, dropping 5,096 points to a score of 54,178.
Mexico also dropped one place in the ranking, going from 46th to 47th place, and the country's authorities have set off alarms as regards what they call weak competitiveness, which may cost them dearly as far as their growth expectations.
The only Latin American country whose score improved according to the IMD'S criteria, like Colombia, was Argentina, which gained 3,851 points for a total of 46,935. However, it did not increase in rank, remaining in 55th place. Venezuela was all the opposite; it has been left behind, ranked as the country with the least competitiveness, not only in Latin America, but out of all the economies assessed by the Swiss school.
The IMD'S World Competitiveness Yearbook is known as a point of reference on how an economy handles its resources and capacities to increase the prosperity of its population, which means Colombia has been doing its homework.
