By William Jones, Contributing Reporter
RIO DE JANEIRO, BRAZIL – The global competitiveness ranking for Brazil has fallen by three places in relation to last year. According to report by the International Institute for Management Development (IMD) in Switzerland, the Brazilian economy is now placed in 54th spot of the sixty economies in the survey.
The study considers both macroeconomic and microeconomic aspects involving a country’s prosperity and potential. Over the past four years Brazil has continually lost ground since being pitted in 34th place in 2010, when most of the world was going through an economic crisis and Brazil’s economy was charging forward at a 7.5 percent growth in GDP.
The report indicates the most competitive countries in the rankings are those which seek to improve the welfare of its inhabitants, encourage conditions for companies to have national and international success and have opportunities for technological development, as well as governments who promote economic growth and encourage a strong infrastructure.
Brazil did score highly in regards to its domestic economy however, ranking sixth in employment figures and seventh in both household consumption and foreign direct investment but is lagging in terms of GDP. The United States topped the list in countries terms of global competitiveness for the second year running followed by Switzerland and Singapore, then by Sweden, Germany, Canada, UAE, Denmark and Norway.
Russia meanwhile was the only BRICS country to improve in the survey as it gained four places to reach 38th place.
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