See our Wordle image above? According to the Global Competitiveness Index, those are the ‘most problematic factors for doing business’ in Jamaica. See this list in order of importance:
- Crime and theft
- Access to financing
- Tax rates
- Inefficient government bureaucracy
- Poor work ethic in national labor force
- Tax regulations
- Inadequately educated workforce
- Policy instability
- Inadequate supply of infrastructure
- Government instability/coups
- Insufficient capacity to innovate
- Poor public health
- Foreign currency regulations
- Restrictive labor regulations
So how have these problems, and other factors, affected Jamaica’s competitiveness ranking? Well, Jamaica is not considered to be among the most competitive countries with a ranking of 97 out of 144 countries. That is closer to the bottom than to the top. See Jamaica – Global Competitiveness Report 2012-2013 for details.
Does it matter? Well, according to the World Economic Forum that has produced this competitiveness index every year since 1979:
The Global Competitiveness Report provides a useful portrait of a nation’s economic environment and its ability to achieve sustained levels of prosperity and growth. In doing so, the Report continues to be one of the most respected assessments of national competitiveness.
Do you agree with that list above? What do you think is hindering Jamaica’s ‘ability to achieve sustained levels of prosperity’ and growth? Comment below.