Jamaica has moved up three places in the global competitiveness ranking, but is still about halfway down the list at position 60 of the 125 countries assessed by the World Economic Forum, an independent agency that tracks industries.

Jamaica's ranking last year was 63, which had put it three places ahead of trading partner Trinidad & Tobago. Trinidad has slipped in the rankings from 66 to 67, while Barbados is at 31, making it the most competitive of the ranked Caricom countries, according to the Global Competitiveness Report 2006/07.

Rankings

The rankings based on nine 'pillars' including market efficiency, higher education, efficient institutions such as a functioning court system and macroeconomic performance.

It assesses property rights, corporate governance, the justice system, corruption and favouritism, competition policy, and the quality of infrastructure, and how these factors feed in doing business.

Reacting to the improved showing, JAMPRO, Jamaica's investment promotion agency, said it resulted from improvements in port infrastructure, inflation, and access to financing.

"These achievements may be credited to the signifant changes by the Port Authority of Jamaica to increase its storage capacity, as well as the numerous financing schemes that have been established to facilitate easier access to financing," the agency said in an email to Wednesday Business.

Chile was the top-ranked Latin American country, while Switzer-land claimed the top spot overall from the United States, which dropped to number six.

"Chile's position reflects not only solid institutions - already operating at levels of transparency and openness above those of the EU on average - but also the presence of efficient markets that are relatively free of distortions," said a WEF release on the report. Switzerland, as most competitive nation, scored 5.81 points.

Regionally Barbados scored 4.7, Jamaica 4.1, and Trinidad & Tobago 4.03. Guyana, a South American country aligned to the Caribbean, was ranked 111 on the list, with a 3.24 score. Angola was overall least competitive with a score of 2.5.

Oil deals

Venezuela, with which Jamaica and other Caricom countries last year inked serious oil supply deals on concessionary payment terms, was ranked by WEF at 88, down four places. The country's performance continues to deteriorate, said the competitiveness watchdog, despite a government budget surplus from oil.

"The single most important obstacle to development, however, appears to be the insufficient quality of Venezuelan institutions," said the WEF.

"For all the talk about the social dimension of the government's 'benign' revolution, school enrolment rates are either mediocre or poor ..."

business@gleanerjm.com