The recent report about World Competitiveness 2013-2014 presented in Switzerland this week shows that the majority of the countries in Latin America have stopped in their development of competitiveness.
Such stagnation in competitiveness shows that there is a need of structural reforms and increase of efficiency in production and service industries. This will guarantee future growth in the region. It is stated that higher levels of innovation development and reliable government institutions are becoming increasingly important factors for competitive market.
Out of 18 Latin-American countries, which were reflected in rating, only six have increased their competitiveness, nine have lost few positions and the rest stayed at the same level. Panama, along with Peru and Colombia belong to the last group, taking 40th ,61st , and 69th positions respectively.
Such results can be interpreted in two ways: negatively and positively. The positive side is that static position is the sign of stability. The director of National Committee of Competitiveness Nicolas Barletta considers the results acceptable for Panama. He noted that Panama improves its competitiveness, but so do other counties around it, that is how he explained why Panama remained at the same position.
