Costa Rica ranks fourth among most competitive economies in Latin America according to the 2017–2018 Global Competitiveness Report
The 2018 Global Competitiveness Report were released last October 17 in Geneva. The Report utilizes a new methodology focused on the fourth industrial revolution, aiming to measure to what degree countries are ready to take advantage of the benefits and face the challenges resulting from this revolution.
The fourth industrial revolution will result in new relationships between human beings and technology impacting the way we work, live and interact. It has the potential for countries to skip stages of development, but it also makes the route less certain. The ability to take advantage of the opportunities provided by the fourth industrial revolution requires solving the old development problem, namely, institutionality, infrastructure, and skills.
According to the 2018 Global Report, United States in the most competitive economy of the 140 countries assessed, followed by Singapore and Germany. In Latin America, Chile ranks first, followed by Mexico and Uruguay.
Costa Rica ranks as the fourth most competitive country in the region and 55th (the highest position) in terms of health. Costa Rica and the U.S. differ the most in terms of financial market development, business drive, and ability to innovate.
The study was carried out with support from INCAE’s Latin American Center for Competitiveness and Sustainable Development (CLACDS) as regional partner of the World Economic Forum since 1999, and analyzes a set of institutions, policies, and factors determining the level of productivity in an economy. The ratings for the 2018 report were based on national and international agency statistics, as well as on the World Economic Forum’s Executive Opinion Survey conducted with more than 14,000 businesspeople around the world. INCAE’s CLACDS has contributed since 1999 to develop this Report and is responsible for collecting information in Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Bolivia and the Dominican Republic.
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About the Latin American Center for Competitiveness and Sustainable Development (CLACDS)
The Latin American Center for Competitiveness and Sustainable Development (CLACDS) is INCAE's main applied research center and think tank. It aims to promote sustainable development in the region through applied research, dialogue, and capability development. It works closely with government agencies, international organizations, and private sector groups and business firms.