Colombia was the South American country with major developments in regards to competitiveness
For the rating this year, Colombia improved in four out of the three pillars that were evaluated in the World Competitiveness Ranking.
As an example, in the metric of Government Efficiency, it rose from 50th to 42nd place due to an improvement in its public finances driven by higher tax revenue and improvement in the business legislation.
In regards of business efficiency, the country advanced from 48th to 44th place. The most relevant element in this category was the improvement in the job market rising 16 notches led by an increased perception from employers, employee training programs and employee turnover rates.
Improvements in the business environment are also being a relevant factor to attract highly skilled foreign personnel with an interest in working in Colombia.
As for the metric of basic infrastructure the most important issues were the quality of air transportation, energy infrastructure and access to basic goods.
Among the strengths that the World Competitiveness Ranking highlighted for the Colombian economy are the increase in foreign direct investment flows, growth of global and per capita gross domestic product (GDP), constant decline of the unemployment rate and the endurance to withstand external shocks, among others.
According to interviewed entrepreneurs the financial market access, a business friendly environment, training standards for the workforce, competitive costs and legal and economic stability were the five important aspects to support economic strength.