Nevertheless, Latin America has a lot of improvement to do, according to the Global Competitiveness Report (2014-2015):
Latin America’s economic competitiveness took a dive in 2013. Of the region’s five largest economies, Mexico, Brazil, and Peru each experienced setbacks, while Chile and Colombia demonstrated only slight improvement.The report looked at 144 countries, and only Chile and Panama are in the top 50. Brazil was 57, Mexico 61, and Colombia 66.
The report said this:
The report recommends Latin America initiate immediate structural reforms and productive investments in infrastructure, educational programs, and innovation to reclaim the growth experienced in past decades.Frankly, this report is depressing. Have we not been talking about improving education and making workers more productive for decades?
How can a region compete in the new international economy when only two countries are among the 50 most competitive economies? The answer is that Latin America won't be able to compete with South Korea and others who have better educational systems.
As they say, the more things change, the more they remain the same in Latin America.
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