Barbados Ranked as One of the World’s Most Competitive Countries

Barbados has been identified as one of the most competitive countries in the world to do business.

In a list compiled by the World Economic Forum, the country comes in at number 31 out of 125 countries. The ranking is based on a survey of over 11,000 business leaders in those countries.

It’s the first time Barbados has been included and it is second only to Chile among Latin American countries considered to be competitive economies.

That puts Barbados ahead of countries such as Venezuela, Portugal, Italy, India, South Africa and Panama.

Five other Caribbean countries have made the list. They are Jamaica, which has improved from its previous number 63 position to 60; Trinidad and Tobago, which dropped one place to 67; the Dominican Republic at 83; Suriname at 100; and Guyana at 108.

The World Economic Forum says it assesses the range of factors that can affect an economy’s business environment and development, including the levels of judicial independence, protection of property rights, governmental policymaking and corruption.

According to the report, Switzerland, Finland and Sweden have the top three most competitive economies. The United States saw the most pronounced drop in the top 10 rankings, falling from first to sixth.