The World Economic Forum’s (WEF) Global Competitiveness Report (GCR) 2017 – 2018 ranked some 137 countries, which accounts for 98% of global GDP thus making it the most comprehensive global report of its kind. The national results for Trinidad & Tobago were released by the Arthur Lok Jack Graduate School of Business, on Wednesday 27th September 2017 at the school’s North Campus, revealed that T&T moved up 11 places in this year’s report. Specifically, T&T ranked 83, up from 94 in the 2016-2017 survey.
The data for this report is collected using an in-depth questionnaire administered to business executives in both the public and private sectors. The results of the survey along with hard data are compiled in the form of a weighted index to indicate how competitive the industries and firms of a country is in relation to other countries in the survey. The survey gives an overall score of competitiveness out of 7, which is a weighted average of the scores of the various pillars of competitiveness. This year, T&T saw an improvement in its overall score of competitiveness from 3.93 in the 2016-2017 report to 4.09 in the 2017-2018 report. Though small, this score improvement is significant for T&T as it is a movement in the right direction.
In the WEF GCR 2017-2018 T&T is classified as an economy in transition as the country’s GDP reduced from being greater than US$17,000 to having a per capita GDP of US$15,342.2, based on April 2017 data from the IMF. The reclassification from an innovation driven economy to an economy in transition led to a 5-place improvement with the move up an additional 6 spots being the result of updated data regarding tertiary level enrollment from T&T being forwarded to the WEF by the Lok Jack GSB, the WEF partner institution for the country.
This year’s results saw a change in the ranking of the top three world’s most competitive economies with Switzerland holding on to the #1 spot, the United States moving up 1 spot to rank at #2 and Singapore dropping 1 spot to take the #3 spot in the Report. It is important to note that the most competitive economies are not the ones that have the most resources but are the ones that have created an enabling environment that allows for the most efficient use of its available resources.
The national release of results of the WEF GCR 2017-2018 was released by Dr. Balraj Kistow, Lecturer and Programme Director, Arthur Lok Jack Graduate School of Business. This presentation of results was followed by an interactive panel discussion that took a deeper dive into the results of the Report. The panellists included Dr. Terrence Farrell, Economist, Economic Development Advisory Board; Mr. Ian Chinapoo, Executive Director, Unit Trust Corporation of Trinidad and Tobago; Ms. Vangie Bhagoo-Ramrattan, Head Research, First Citizens and Ms. Guro Slettemark, Secretary General, Transparency International-Norway. The panel was moderated by Dr. Balraj Kistow, Lecturer and Programme Director, Arthur Lok Jack Graduate School of Business.
WEF GCR 2017 - Trinidad and Tobago Country Profile
WEF GCR 2017 - Slides
WEF GCR 2017 - Event Video
WEF GCR 2017 - Story