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Chile retains 44th place in World Competitiveness despite a worse economic performance

Chile retains 44th place in World Competitiveness despite a worse economic performance

Chili remains the 44th country in the world and the first in Latin America in the World Competitiveness Index (WCR), ahead of Mexico and Colombiadespite achieving a worse score in economic performance that was offset by a slight improvement in government efficiency, according to the annual report of the Institute for Management Development (IMD).

According to the study, published in the Swiss city of Lausanne, the worst economic performance (from 52 to 55) is linked to the falls in the sub-indicators of international trade (63), employment (59) and prices (24), which point as “the main weaknesses having dropped several positions in each of them.”

A decline that offsets government efficiency, which “improves slightly and rises two positions compared to the previous edition, gaining five positions in the business legislation sub-indicator (from 28 to 23).”

“In the indicators of business efficiency and infrastructure, the country also gains several positions, obtaining a good score in finance and technological infrastructure (31), basic infrastructure (34) and remaining stable in education (49)”he adds.

The study also highlights the reform of the political system to reduce fragmentation and increase governance, the reduction of legal uncertainty to increase investment and growth and the increase in productivity through the application of new technologies and Artificial Intelligence, as the main challenges for the Chilean economy

The list is led by Singapore, along with other economies considered small such as Switzerland and Denmark, thanks to its good results in the four competitiveness factors, especially in government efficiency and business efficiency, reflecting the solidity of the public and private sectors.

Switzerland, in particular, has made progress thanks to improved economic performance and business efficiency, as well as its continued leadership in government efficiency and infrastructure, while Denmark has fallen to third place due to a drop in its economic results.

“We believe that the most competitive economies of the future will be those capable of anticipating and adapting to this changing global context, while creating value and well-being for their citizens, which will also make them sustainable”the director of the IMD World Competitiveness Center, Arturo Bris, said in a statement.

“Among the main challenges in terms of competitiveness are the transition to a circular and low-carbon economy, the growing integration of emerging markets into the global economy and the pace of digital transformation,” he added.

The top ten positions are completed by Ireland, Hong Kong SAR, Sweden, United Arab Emirates, Taiwan-Taipei, Holland and Norway, while, in Latin America, behind Chile are Mexico in 56th place and Colombia in 57th.

The study also shows that emerging economies are closing the gap, especially in the areas of innovation, digitalization and diversification, with countries such as China, India, Brazil, Indonesia and Turkey experiencing rapid growth and development in recent decades, which the have become essential players in trade, investment, innovation and geopolitics.

The preparation of the classification is based on the analysis of 164 statistical data and surveys carried out on 6,612 managers from 67 economies carried out between March and May 2024.

Source: Gestion

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