Jamaica More Competitive

Jamaica has improved eight places in the latest Global Competitiveness Index, published annually by the World Economic Forum.

The index for 2014/2015 shows that Jamaica is now ranked 86 of the 144 countries captured in the last year’s survey.

That’s up from 94 in last year’s survey.

The survey ranks a country’s competitiveness out of a maximum of seven points.

Jamaica’s score in the latest survey is 3.98.

The competitiveness index is assessed based on a country’s strength across several areas including its institutions, infrastructure, macroeconomic environment, labour market efficiency, technological readiness, business sophistication and innovation.

According to the index, Jamaica, at 86, has the second most competitive economy in the Caribbean for the 2014-2015 survey.

Barbados, at number 55, is the most competitive economy in the region.

However the index shows that the Barbadian economy has lost some ground, given that it was ranked at 47th most competitive last year, compared to 55th this year.

Jamaica’s economy is said to be more competitive than those of Trinidad and Tobago, the Dominican Republic, Guyana and Haiti.

T-and-T came in at 89 this year, up from 92 last year.

The Dominican Republic also gained ground this year, coming at 101, up from 105.

Guyana lost ground, coming in at 117 this year, compared to 102 last year.

Haiti moved from near the bottom of last year’s survey at 143, to come in at 137 this year.

The top 10 most competitive economies remain virtually unchanged from last year, with Switzerland, Singapore, the United States, Finland and Germany ranked in the top five.

For almost 10 years, the Global Competitiveness Index has been used by the WEF to assess the level of productivity of an economy, which determines its long-term growth potential.

The assessment represents the results of an empirical analysis that supports the validity of the Index as a sound estimate of a country’s level of productivity.

The WEF says this new edition of its competitiveness rankings is launched at a time when the world seems to be finally emerging from the worst financial and economic crisis of the past 80 years.