Peru improves ranking in global competitiveness, challenges persist

As Peru’s economy is set to see a strong expansion in 2010, the country still faces a number of competitiveness challenges, according to the World Economic Forum’s Global Competitiveness Report 2010-2011.

Overall, Peru had a score of 4.11, meaning it ranked 73 out of 139 countries, compared to 78 in the 2009 report.

This is mainly due to improvements in labor market efficiency, which improved 21 places to rank 56th, in addition to improvements in infrastructure quality – up nine places to 88th – and higher education and training, which improved five places to 76th.

“Among the elements underpinning Peru’s strong competitiveness showing is the competent macroeconomic policy pursued over the last decade,” the report said. “The country can notably count on flexible goods and labor markets, a well-developed financial market, and access to foreign markets, complementing its relatively large domestic market.”

However, Peru still has major challenges that are an obstacle for further growth, the report added. In terms of institutional environment, Peru ranked 96th. For access to primary education it ranked 111th and for higher education and training access it was 76th. Peru’s technological readiness and innovation is ranked 110th, while its ability to absorb technology and generate innovation was 74th.

Overall, the top five countries in the report were Switzerland, Sweden, Singapore, the United States and Germany. In Latin America, the top five were Chile at 30, Panama at 53, Costa Rica at 56, Brazil at 58 and Uruguay at 64.

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One Comment

  1. Richard Kadas says:

    Like all other things international competitiveness is based on other countries’ perception of your nation There are many in the U.S.who believe that Lori Berenson has been treated monstrously by Peru. Some support suspending Peru’s most favored nation trading status for 15 years(one for each year of her imprisonment.) If her wrongful sentence is not immediately commuted allowing her repatriation by Hanukkah, it should be suspended for another for another 5 years. In addition, the increased import duties should be paid to the Berenson family as reparations for Peru’s vicious and barbaric treatment of their daughter. How competitive will Peru be internationally if it is penalized economically for its gross mistreatment of an American woman? Is it’s continuing its abuse of this brave American woman worth the economic damage Peru will suffer by losing its most favored nation trading status with the U.S.? Peru should consider the potential downside of its continuing her exile!

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