Peru placed 69th out of 140 world economies and third in South America according to the Global Competitiveness Report 2015-2016 released by the World Economic Forum, Peru’s Ministry of Economy and Finance reported.
The analysis of the results for the 2006-2016 period shows that Peru has climbed nine places to 69th in the WEF ranking over the past ten years.
Such improvement has been closely related to the variation in productivity as compared to the other countries in the region.
According to the report, Peru improved in five out of the 12 pillars of the global ranking.
For instance, it ranked 116th in the Institutions pillar due to an improvement in intellectual property protection and judicial independence.
Peru placed 82nd in Higher Education and Training pillar due to the perception of greater availability of specialized training services; and ranks 30th in the world with regard to Financial Market Development with confidence increased by improved regulation of securities exchanges.
Peru stood at 88th place on Technological Readiness given the progress made in broadband deployment, and placed 116th in Innovation due to the increase of patents.
Even though Peru has dropped four places compared to the previous global report, it is still listed in the upper half of the ranking.
Some of Peru’s strengths included in the report are: Macroeconomic Environment (23rd), Financial Market Development (30th) and Market Size (48th).