With “problematic factors” weighted according to their ratings on a scale of one to 30, tax rates the highest, at 13.9 followed by crime and theft at 12.0 and corruption at 11.3. The report rates “poor work ethic in the national labour force” at 10.9 and “access to funding” at 10.3 while an “inadequately educated workforce” is given a 9.3 rating. Tax regulations are given are given an 8.1 rating, while inefficient government bureaucracy is given an 8.0 rating.
Those “problematic factors” with ratings below 8.0 include an inadequate supply of infrastructure which is given a 6.9 rating; inflation, which is given a 3.7 rating; and policy instability which is given a 2.2 rating. According to the report those factors that are least likely to inhibit investment in Guyana are poor public health which is given a 0.7 rating and restrictive labour force which is given a 0.4 rating.
The Global Competitiveness Report, the flagship publication within the World Economic Forum’s Global Competitiveness Network features a total of 133 countries in its most recent report. Overall Guyana is ranked at 104 on the list of countries addressed in the report compared with a ranking of 126 out of 131 in the 2007/2008 report.
The report provides country ratings in three separate categories namely Basic Requirements, Efficiency Enhancers and Innovation and Sophistication Factors, further breaking these down into several specific “pillars.” Overall, Guyana is tanked at 105 in the Basic Requirements category. Among the “pillars” listed under the Basic Requirements category Guyana is ranked at 103 in the area of “institutions,” 91 under the “infrastructure” pillar and 127 under macro “economic stability.” Under the pillar of health and primary education Guyana is ranked at 67; its best rating for any pillar.
Under the Efficiency Enhancers category Guyana is assigned an overall rating of 107. Under the pillars listed in this category the Global Competitiveness Report assigns Guyana a rating of 78 in the area of higher education and training, a rating of 96 in the area of goods market efficiency, a rating of 99 in the area of labour market efficiency and a rating of 101 in the area of financial market sophistication. The report accords Guyana a rating of 94 under the technological readiness pillar and 129 under market size.
In the final category, Innovation and Sophistication Factors Guyana is assigned an overall rating of 110, while under the pillars in this category the country is rated at 94 in the area of business sophistication and 121 in the area of innovation.
