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Colombia falls to 57th place out of 63 in competitiveness ranking

Colombia fell one position (57) out of 63 countries in the 2022 World Competitiveness ranking presented this Wednesday by the International Institute for Management Development (IMD).

(Read: Bogotá’s Gross Domestic Product grew 11.5% in the first quarter).

According to the report, this is the second lowest location that the country has had since records began and it is compared to the one obtained in 2018 when it ranked 58th. Thus, the best position that the country was in 2019 when it ranked 52.

Compared to this year’s document, Colombia positioned itself as the fourth country in Latin America, behind Chile (46, best placed); Peru (54, up four places) and Mexico (55, remains); while it is ahead of Brazil (59, falls two boxes), Argentina and Venezuela, who occupy, respectively, the last two boxes.

In the rest of America, the United States and Canada hold boxes 10 and 14obtained in the document of the previous year.

Among the reasons why Colombia moves back one box in the list is that it falls into three of the four categories analyzed.

Thus, the country only improves in the ‘economic performance’ category, in which it ranks 45th compared to 56th last year. Local economy (38), international trade (56), international investment (34), employment (56) and prices (5) make up this category.

As for the ‘government efficiency’ segment, the country goes back one box compared to the 2021 result, going from 58 to 59.

On the other hand, in the category of ‘business efficiency’, Colombia goes back from the 51st location achieved in 2021 to the 60th in the current year. This is the country’s steepest drop in the report.

(In addition: Asobancaria asks users to be alert on the day without VAT).

On the other hand, the second largest difference between 2021 and 2022 was recorded by the ‘infrastructure’ segment, where the country lost box 53 from last year to 56 for this year.

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