Panama Improves in Competitiveness
- A summary of Panama´s ranking in The Global Competitiveness Report 2016 – 2017 -
by AmCham´s Trade Specialist - Radu Serrano
Last Wednesday, September 28th, the World Economic Forum published its annual Global Competitiveness Report. We are pleased to announce that Panama has improved in Competitiveness and that we currently occupy the 42nd place of 138 countries, from the previous 50th of 140.
Source: WEF - The Global Competitiveness Report 2016 – 2017
As stated by the Report we are “the largest upward mover in the overall Index this year,” and we lead “the region in macroeconomic environment, goods market efficiency, financial market development, and business sophistication.”
Our GDP has increased by nearly 19% to 52.1 billion USD, from the previous 43.8 billion USD, and our GDP per capita has increased by almost 17% to 13,012.6 USD, from the past report´s 11,147 USD.
The Report is made up of 3 Subindexes and 12 Pillars, which in turn are subdivided into multiple indicators. The Subindexes and Pillars are organized in the following manner:
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Subindex A: Basic Requirements |
Subindex B: Efficiency enhancers |
Subindex C: Innovation and sophistication factors |
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1st Pillar: Institutions |
5th Pillar: Higher education and training |
11th Pillar: Business sophistication |
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2nd Pillar: Infrastructure |
6th Pillar: Goods market efficiency |
12th Pillar: Innovation |
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3rd Pillar: Macroeconomic Environment |
7th Pillar: Labor market efficiency |
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4th Pillar: Health and primary education |
8th Pillar: Financial market efficiency |
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9th Pillar: Technological readiness |
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10th Pillar: Market size |
In comparison to the previous report, we´ve improved in rank in both Subindexes A and B, and in the 1st, 2nd, 3rd, 4th, 6th, 7th, 8th, 10th and 11th Pillar. Our top 15 scores relate to:
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Indicator |
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|
3.02 Gross national savings % GDP |
4 |
89 |
|
2.04 Quality of port infrastructure |
5 |
7 |
|
8.01 Financial Services meeting business needs |
5 |
16 |
|
9.03 FDI and technology transfer |
5 |
6 |
|
2.05 Quality of air transport infrastructure |
6 |
6 |
|
8.02 Affordability of financial services |
6 |
18 |
|
2.08 Mobile-cellular telephone subscriptions /100 pop. |
8 |
15 |
|
6.11 Prevalence of foreign ownership |
8 |
11 |
|
8.04 Ease of access to loans |
8 |
13 |
|
4.02 Business impact of malaria |
9 |
9 |
|
6.12 Business impact of rules on FDI |
10 |
9 |
|
8.06 Soundness of banks |
11 |
11 |
|
6.04 Effect of taxation on incentives to invest |
12 |
16 |
|
7.09 Country capacity to attract talent |
12 |
14 |
|
7.05 Effect of taxation on incentives to work |
20 |
33 |
Source: WEF - The Global Competitiveness Report 2015 – 2016 & 2016 – 2017
Of the total 114 indicators, Panama has improved 65 of them. The following tables list all the ranking improvements of Subindexes, Pillars or Indicators. Please click on them to download them.
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Source: WEF - The Global Competitiveness Report 2015 – 2016 & 2016 – 2017