FOR IMMEDIATE RELEASE
We Are Innovation Highlights Gulf Countries and Warns Europe in 2023 Competitiveness
* Latin America needs to rethink strategies to compete globally again
* The Russian invasion of Ukraine impacts European competitiveness
September 14, 2023 — We Are Innovation, the prominent global network connecting over 30 think tanks, foundations, and NGOs committed to advancing human creativity and adopting innovative solutions, announced today the publication of its anticipated global competitiveness report. Titled “World Competitiveness Index: A Comparative Study of Economic Strategies in 2023,” this in-depth analysis covers strategic regions such as Latin America, North America, the Gulf countries, Europe, Asia, and the Indo-Pacific. It was drafted by a team of experts, including Federico N. Fernández (ARG), Lucía F. García Encinas (BOL), Erick R. Vilca Espejo (PER), Carlos Olaya Loayza (PER), Ricardo Oliva Bravo (PER), and Jorge Alberto Ruiz Meza (MEX), with a special foreword by Horacio Arana (ARG).
The report is based on the renowned World Competitiveness Ranking, an essential tool for those—from governments to businesses and economic analysts—looking to understand and assess a country’s ability to thrive economically and foster a favorable business environment. This annual classification considers various economic, social, and political indicators, ranging from infrastructure to political stability and education. Key factors valued in the ranking include infrastructure, government efficiency, innovation, health, and more. Those countries scoring high in these indicators are considered more competitive, tending to display more robust economic growth.
Lucía F. García Encinas, Economist and Intern at Fundación Internacional Bases: “Latin American countries can enhance their competitiveness through specific policies and actions that promote innovation and business development. Public policies in the region should focus on improving productivity and citizens’ well-being, promoting structural reforms in education and fiscal policy, as well as political stability to face uncertainty.”
Federico N. Fernández, CEO of We Are Innovation: “In the 2023 World Competitiveness Ranking, the Gulf Cooperation Council (GCC) countries have shown remarkable economic resilience. With the UAE in the top 10, Qatar in 12th place, and Saudi Arabia rising to 17th, these nations affirm their status as global contenders in creating sustainable value. Their upward trajectory highlights effective governance and policy reforms, painting an optimistic future for the GCC and offering a model for global competitiveness.”
Erick R. Vilca Espejo, Economist and Intern at Fundación Internacional Bases: “The World Competitiveness Ranking 2023 shows a consistent decline in the competitiveness of European countries, largely due to the international context, especially affected by the conflict between Ukraine and Russia. This situation has had a significant impact on the productive capacity of the region. It has affected its major economic pillars, such as Germany, France, the UK, and Italy, which have directly felt the effects of the war on their energy matrix.”
Carlos Olaya Loayza, Economist and Intern at Fundación Internacional Bases: “Each of these countries faces unique challenges but also demonstrates a continued commitment to improving their competitiveness. As we look to the future, the Indo-Pacific region can further strengthen its competitiveness by addressing specific problems and promoting effective governance, reducing bureaucracy, improving infrastructure, and promoting innovation.”
Jorge A. Ruiz Meza, Economist and Intern at Fundación Internacional Bases: “The latest edition of the 2023 Competitiveness Ranking reveals that the United States remains at the top and has moved up a spot, going from 10th to 9th. Following is Canada, which has lost one position, dropping from 14th to 15th. Lastly, Mexico, the region’s third-largest economy, has also slipped in the ranking, going from 55th to 56th.”
Ricardo Oliva Bravo, Economist and Intern at Fundación Internacional Bases: “Mongolia ranks last, with a score of 10.24, highlighting low productivity and labor efficiency, influenced by poor educational quality and high labor costs due to restrictive hiring regulations. In contrast, Singapore ranks eighth globally, with a score of 85.50, thanks to its favorable legislation in areas such as innovation and income taxes and its outstanding educational quality, which places it first globally in this regard.”
Horacio Arana, Economist and Senior Research Fellow at Fundación Internacional Bases: “We Are Innovation’s report delves deep into six pivotal articles, sparking a profound exploration into the elements that converge to foster enhanced competitiveness and innovation.”
Given this global landscape, the We Are Innovation report emphasizes the importance of adaptability and the implementation of effective policies to address emerging challenges and seize opportunities. It’s clear that while regions like the Gulf Cooperation Council are making significant strides, others like Europe and Latin America need to double their efforts and reassess their strategies to keep up in this highly competitive world. The study serves as a call to action for decision-makers globally, underscoring that competitiveness is not a static achievement but a continuous journey of improvement and adaptation.
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ABOUT WE ARE INNOVATION
We Are Innovation is a network formed by a group of individuals and institutions that believe innovative solutions are how people get involved in solving problems. With more than 30 think tanks and NGOs based in Europe, the United States, and Latin America, We Are Innovation is the voice of a vibrant global civil society that wants to progress through innovation, the adoption of new technologies, and human creativity. Visit https://weareinnovation.global/ to learn more.
