Guyana’s ranking on the World Economic Forum’s (WEF) Global Competitiveness Index for 2014-15 has fallen from 109 out of 144 countries last year to 117 out of 144 this year.
According to the WEF, the report remains the most comprehensive assessment of national competitiveness worldwide. Guyana’s GDP per capita has been reported as US$3,729 this year.
The report looks at institutions, infrastructure, macro-economic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.
Guyana is once again far below its Caricom peers. Barbados is ranked at 55/144 with a GDP per capita income of US$15,373, Jamaica comes in at 86 with GDP per capita income of US$5, 133, Trinidad and Tobago is ranked at 89 with GDP per capita income of US$20,610 and Suriname comes in at 110 with GDP per capita income of US$9,240.
Guyana registered low ratings in ethics and corruption, diversion of public funds, irregular payments and bribes in the award of contracts, favouritism in decisions by government officials and electricity supply among others.
It scored relatively high in areas like health and primary education.
The Global Competitiveness Report 2014-2015 looks at the competitiveness landscape of 144 economies, providing insight into the drivers of their productivity and prosperity.
Competitiveness is defined in the report as the set of institutions, policies and factors that determine the level of productivity of a country. The level of productivity, in turn, sets the level of prosperity that can be earned by an economy.
The report said that the different aspects of competitiveness are captured in 12 pillars, which compose the Global Competitiveness Index. This 35th edition emphasizes innovation and skills as the key drivers of economic growth.
“While these increasingly influence competitiveness and the global economy tentatively recovers from the economic crisis, significant risks remain, resulting from a strained geopolitical situation, rising income inequality and the potential tightening of financial conditions.
It is therefore crucial to address these structural challenges to ensure more sustainable and inclusive growth. More than ever, cooperative leadership among business, government and civil society is needed to re-establish sustainable growth and raise living standards throughout the world”, the report said.
The World Economic Forum is an international institution committed to improving the state of the world through public-private cooperation.
