Colombia still lags in international competitiveness: Report

Poor performance on a numer of key economic indicators continues to hold back Colombia’s international competitiveness, according to a new report by the Private Competitiveness Council (CPC).

Released Thursday, tthe 2013-2014 Competitiveness Report points to economic instability, low pension coverage and high inequality as the primary factors hindering the Colombian economy.

Colombia ranks 69th out of the 133 countries in the Global Competitiveness Indicator compiled by the World Economic Forum, according to the report.

CPC President Rosario Cordoba Garces said that Colombia has repeatedly failed to adress the internal deficiencies preventing its economy from advancing on an international level.

According to the report, low access to relevant and quality education has contributed to inequality and poor labor productivity in the country, and kept the national economy stuck in a top-heavy model that limits its growth.

“Labor market inefficiencies” such as low benefits coverage are also part of the problem.

Colombia has set out a proposal to become one of the three most competitive countries in Latin America by 2032, one which includes a commitment to improving infrastructure, transport and logistics.

But waves of popular protests this summer across various labor sectors underlined the scope of the country’s lag. Strikes in the education and trucking sectors in particular revealed critical flaws in the areas mentioned focused on in the CPC report.

Meanwhile, an America Economia report released earlier this year showed that Colombia’s major commercial centers advanced little or fell behind in 2012 in competitiveness and innovation rankings among Latin America’s urban hubs.

According to the study, Colombia’s port city Barranquilla and commercial hub Medellin sank in relation to regional competitors, while Bogota remained at the 8th spot under Panama City, Panama.

MORE: Colombia cities fall behind in economic competitiveness rankings: Report