The 2024 World Competitiveness Ranking (WCR) unveils Brazil’s downturn, as it drops to 62nd among 65 nations.
This evaluation, conducted by the International Institute for Management Development (IMD), shows Brazil’s continuous decline from 56th in 2020.
Currently, it ranks just above Peru, Nigeria, Ghana, Argentina, and Venezuela.
This year, Brazil presents a mixed performance. Its Economic Performance has risen from 41st to 38th.
Conversely, it scores the lowest in Government Efficiency at 65th, with Business Efficiency and Infrastructure trailing at 61st and 58th.
These areas are significant barriers to Brazil’s quest for greater competitiveness.
Delving into these figures, a broader narrative about Brazil’s potential unfolds, spotlighting the hurdles it faces.
The Dom Cabral Foundation pinpoints key areas for improvement: enhancing education, adapting to technological advancements, upgrading infrastructure, and fostering inclusivity and innovation.
Addressing these challenges is crucial for Brazil to ascend in rankings and ensure sustainable progress.
Arturo Bris, director of the IMD World Competitiveness Center, asserts that top economies balance productivity with prosperity.
This balance secures a high quality of life while preserving environmental and social harmony.
This benchmark assists nations in assessing their progress and pinpointing improvement areas to align with global goals like the Sustainable Development Goals (SDGs).
Countries such as Ireland, Hong Kong, Sweden, the United Arab Emirates, Taiwan, the Netherlands, and Norway have seen significant ranking shifts.
These changes highlight the volatile nature of the global economic landscape.
The annual IMD report is more than a mere scoreboard. It serves as a navigational tool for nations aiming for resilience and growth in a constantly evolving global economy.
Background
Recent findings by Kearney, a global strategic management consultancy, reveal also a decline in the global competitiveness of Brazilian cities.
Since 2019, these cities have become less attractive for investments, people, and ideas.
In the latest assessment, covering the first half of 2023, São Paulo ranked 46th among 156 cities.
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