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Spanish News Digest

Puerto Rico Is 3rd Most Competitive Economy In Latin America - Survey

July 21, 2003
Copyright © 2003 Spanish News Digest, AII Data Processing Ltd. All rights reserved. 

The predominantly Hispanic U.S. commonwealth of Puerto Rico, in the Caribbean, ranks the third most competitive economy in Latin America after Chile and Trinidad and Tobago, a survey carried out at the beginning of 2003 showed.

The survey covered 80 major countries and territories worldwide and was implemented by the Puerto Rico Competitiveness Centre (Procomp) with the collaboration of the Puerto Rico Chamber of Commerce. Puerto Rico was ranked 40th in terms of competitiveness among the 80 states and was outrun in Latin America only by Chile, which ranked 20th, and Trinidad and Tobago, which occupied the 37th place. The survey was executed using the methodological models of the World Economic Forum (WEF). A poll was made among 200 Puerto Rican business executives and the results were summed up in the survey. The questions in the poll covered 106 economic indicators regarding both the macro environment and the micro business climate.

The Puerto Rican economy ranked high among the 80 countries and territories in terms of sound banking system, occupying the 14th position; airport infrastructure, in which the island ranked 15th; sophisticated financial sector, also at the 15th position; sophistication of technology, 20th; marketing, 21st; training of staff, 26th; and freedom of the press and protection of private property, both at the 33rd position among the 80 states.

The overall state of the island's infrastructure placed the island at the 34th position in the survey, while port infrastructure and quality of electricity supplies were both ranked 38th.

The areas in which the island performed worst were: access to business credit, in which Puerto Rico ranked 69th; quality of public schools, at the 58th position; economic cost of crimes and telephone and fax infrastructure, both at 57th position; quality of education in sciences and math, 55th; and administrative obstacles to the business sector, in which the island ranked 44th.

Source: Primera Hora (GI/AP/CP)

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