Chile has fallen to its lowest place in the global competitiveness rankings

The ranking on Global Competitiveness 2022prepared by the IMD of Switzerland and the University of Chile, revealed this Wednesday that Chile loses a position compared to last year: is in 45th placethe lowest in its history.

Despite this, it continues to be the best valued in Latin America and is the third in the continent (after the United States and Canada) as reported in this study, which measures economic performance, government effectiveness, business efficiency, and infrastructure.

Moreover, despite the fall of a position, Chile records an increase in its score (63.29) to what he got in 2021.

The Global Competitiveness ranking is based on 255 indicators to calculate the ranking: 163 are statistical data obtained from global, regional and local institutions; while 92 are qualitative variables obtained from an annual survey applied to national and international executives and experts.

Within these studied variables, as in the previous report, The country retains the world’s first place in a: central bank policy.

The leaders of this ranking, meanwhile, were Denmark, Switzerland and Singapore.

Finally, the study left a series of “key challenges” for Chile in 2022:

  • Ensure that fiscal and monetary policy contributes to bringing inflation back towards the target range.
  • Reduce institutional uncertainty, improve public security and guarantee the rule of law.
  • Reform the social security system to ensure better pensions, based on individual and collective efforts and with broad social agreement.
  • Implement tax reform that increases collection, improves the provision of public goods and promotes competitiveness.
  • Increase investment in R&D and innovation by promoting joint projects between universities and the public and private sectors.

View the full report here.

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