LatinNews Daily - 18 June 2021

In brief: Chile falls in global competitiveness ranking

* The International Institute for Management Development (IMD), a Swiss-based business school, has released its latest world competitiveness ranking which showed that Chile has fallen to 44th place this year, down from 38 the previous year. The IMD report ranks 64 economies and assesses the extent to which a country promotes the prosperity of its people by measuring economic well-being through hard data and survey responses from executives. The latest IMD report shows that, bar an improvement in 2020 when it went from 42 to 38, Chile’s ranking has consistently fallen since 2011 when it ranked 25th. The fall to 44th place in 2021 was attributed to a drop in three of the four criteria: economic performance, business efficiency, and government efficiency. Economic performance fell from position 50 in 2020 to 53; business efficiency fell from 37 to 40; and government efficiency fell from position 20 to 22, however it remains the strongest factor in Chile’s competitiveness. Infrastructure was the only factor that did not fall this year, remaining at 45 – an improvement on 2019 when it ranked 47. Despite Chile’s fall in competitiveness, it remains the best ranked country in Latin America, followed by Mexico in 55th place.