Colombia climbed six places to rank 45th of 58 countries on the World Competitiveness Yearbook (WCY) released by Swiss business school IMB.
The WCY is an annual report which analyzes “how a nation’s environment creates and sustains the competitiveness of enterprises.”
In 2009 Colombia ranked 51st, but this year has climbed to be the world’s 45th most competitive nation, with 53,890 points.
The rankings are compiled by taking into account four main factors, including economic performance, government efficiency, business efficiency and infrastructure.
Singapore, Hong Kong and the U.S. topped the list, and were so close together that the WCY labelled them as a “leading trio.”
Chile was once again the leading Latin American performer, but slipped three places to 28th on the list.
Venezuela was last of the list of 58 countries on 27,970 points.
The report also included a nation’s debt as a percentage of GDP for the first time, recording Colombia’s debt as 34.82% of GDP.