CofC, EDC urge private sector to fill out WEF survey

Written by  //  May 2, 2011  //  Economy  //  No comments

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The survey that will determine Puerto Rico’s ranking in this year’s World Economic Forum’s Competitive Report has been distributed to members of the local business community, who the Puerto Rico Chamber of Commerce is urging to fill it out to help paint a clear picture of the island’s current standing.

In a letter sent to CofC members last week, the trade group’s current President Raúl Gayá and Economic Development and Commerce Secretary José Pérez-Riera noted the importance of participating in the survey, as the information helps make sound investment decisions in the long term.

Puerto Rico made its debut in the 2007-2008 edition of the WEF Competitive Report, the flagship publication of the nonprofit organization’s Centre for Global Competitiveness and Performance. The index has been published for more than three decades and currently ranks 139 countries worldwide.

On its website, the WEF notes that rankings depend precisely on the annual survey and public data available from each individual country. In Puerto Rico, the WEF works with Puerto Rico 2000, a nonprofit founded in 1988 with the mission of improving Puerto Rico’s competitiveness.

“The survey is designed to capture a broad range of factors affecting an economy’s business climate. The report also includes comprehensive listings of the main strengths and weaknesses of countries, making it possible to identify key priorities for policy reform,” the WEF noted.

In its debut in the WEF ranking four years ago, Puerto Rico broke into the top half of the roster by placing 36th among 131 countries. However, in the years since, the island’s competitiveness level has dropped to 41 in the 2008-2009 report, to 42 in the 2009-2010 edition, and back to the 41 spot in last year’s survey.

“This year, two important events for our economy coincide. On the one hand, we’re starting to see clear signs of Puerto Rico’s expected economic recovery, and our participation in the WEF report,” Gayá said. “The WEF represents a collection of analysts and key leaders in the global economy, and its ranking is a valuable tool to gauge economic strategies and make sound investment decisions in the long term.”

The survey that must be filled out by one of the participating company’s highest-ranking executive, measures 12 pillars of competitiveness— institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation — to provide a comprehensive picture of the landscape in countries around the world at all stages of development, the WEF said.

Both the EDC and the CofC are supporting this year’s survey campaign. The report containing Puerto Rico’s standing should be released in November.

“The EDC supports this effort and is committed to making sure it yields results that reflect the great economic potential that we have to offer the world,” Pérez-Riera noted.

The Global Competitiveness Report 2010-2011

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