The World Economic Forum raised Colombia three places in its annual competitiveness index, making the country the eighth most competitive in Latin America.
Colombia went to a global ranking of 66 from 69 the previous year, which leaves the country at an eighth place in Latin America and the Caribbean, according to the nonprofit Swiss foundation World Economic Forum (WEF).
A total of 144 countries were measured on twelve pillars such as institutions, infrastructure, higher education and training, and macroeconomic environment.
While Colombia performed well in areas of macroeconomic and market size, which include government budget balance, gross national savings, inflation, GDP growth, and export, the South American country is lacking decent infrastructure, government efficiency, judicial independence, government corruption and lack of security, according to the WEF.
Generally, Latin American countries have to tackle productivity issues and boost their competitiveness, if the continent wants to maintain recent growth, the WEF stated.
“The region must implement structural reforms to improve the functioning of its markets and invest in infrastructure, skills development and innovation,” said the report.
Chile (33), Panama (48) and Costa Rica (51) are leading Latin countries in terms of competitiveness, while Venezuela (131), Paraguay (120), and Bolivia (105) are the worst performers in the WEF ranking.