Panama falls in Global Competitiveness
Out of 140 economies, Panama was ranked 64th in the global competitiveness index produced annually by the World Economic Forum.
In 2015 and 2016 Panama was the second most competitive economy in Latin America. This year, Panama fell to the seventh position in the global competitiveness index behind Chile, Mexico, Uruguay, Costa Rica, Colombia and Peru.
The report, based on 12 pillars, works to develop indicators for each country. Panama scored low in the pillars of skills, labor market and institutions, these low scoring pillars become the indicators that judge something like the countries ability to find qualified personnel, an endeavor in which Panama sits 119 out of 140 economies.
In the area of institutions, the report highlights a lack of judicial independence in Panama ultimately placing the country in 118th position in the world.