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Jamaica's global competitiveness improves

Featured Jamaica's global competitiveness improves
Kingston, Jamaica September 3, 2014- Amid strong efforts to claw its way back to acceptable levels of economic growth and efforts to reduce red tape, burnish its business image, curb crime and reduce corruption, Jamaica has improved its ranking in the 2014/2015 Global Competitiveness Report.

The island was placed 86 out of 144 countries in the Global Competitiveness Index, which is up from 94 in last year's index and 97 in 2012/2013.

Crime and theft, inefficient Government bureaucracy, corruption and tax rates as well as poor work ethic in the labour force were listed as the most problematic factors for doing business in Jamaica.

Access to financing, inflation, tax regulations and an inadequately educated work force also came in for criticism as obstacles to doing business in the country.

The Global Competitiveness Report just released by the World Economic Forum shows the UK has edged up the rankings.
It moved one spot to ninth on the list, while Switzerland and Singapore retained first and second place.  
     
The US improved its competitiveness position for the second consecutive year, climbing two places to third.  But the World Economic Forum warns that the global economy's health is at risk, despite years of  monetary stimulus and reforms.  

Each year, the Forum, best known for its annual Davos economic meeting, benchmarks countries against 12 factors, including infrastructure, education and training, labour market efficiency, technological readiness and innovation.  The aim is to produce a comparative picture of  what is driving competitiveness, productivity, and prosperity.

The Global Competitiveness Report’s rankings are based on the Global Competitiveness Index (GCI), which was introduced by the World Economic Forum in 2004.

Defining competitiveness as the set of institutions, policies and factors that determine the level of productivity of a country, GCI scores are calculated by drawing together country-level data in 12 categories – the “pillars of competitiveness” – to create a comprehensive picture of a country’s economic performance.

The 12 pillars are institutions; infrastructure; macroeconomic environment; health; primary education, higher education and training; goods market efficiency; labour market efficiency; financial market development; technological readiness; market size; business sophistication; and innovation.

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