The score given to Venezuela on the Global Competitiveness Report, a study that assesses the competitiveness level of countries' economies worldwide, has been declining lately. In 2019, the Venezuelan economy had a competitiveness index of 41.8 points (in a range from 1 to 100), down from 43.17 points observed one year before. Furthermore, Venezuela was deemed one of the least competitive economies in Latin America.
Competitiveness index of Venezuela from 2008 to 2019
* From 2017, the study methodology changed. Before 2017, the index ranged from 1 to 7. As of 2017, it ranges from 1 to 100.
The Global Competitiveness Index is based on twelve pillars of competitiveness, such as technology levels, infrastructure, labor market efficiency, etc. These indicators are combined in an index which provides insight into how a country is able to generate wealth.
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Trading Economics. (October 8, 2019). Competitiveness index of Venezuela from 2008 to 2019 [Graph]. In Statista. Retrieved June 06, 2020, from https://www.statista.com/statistics/789300/competitiveness-index-venezuela/
Trading Economics. "Competitiveness index of Venezuela from 2008 to 2019." Chart. October 8, 2019. Statista. Accessed June 06, 2020. https://www.statista.com/statistics/789300/competitiveness-index-venezuela/
Trading Economics. (2019). Competitiveness index of Venezuela from 2008 to 2019. Statista. Statista Inc.. Accessed: June 06, 2020. https://www.statista.com/statistics/789300/competitiveness-index-venezuela/
Trading Economics. "Competitiveness Index of Venezuela from 2008 to 2019." Statista, Statista Inc., 8 Oct 2019, https://www.statista.com/statistics/789300/competitiveness-index-venezuela/
Trading Economics, Competitiveness index of Venezuela from 2008 to 2019 Statista, https://www.statista.com/statistics/789300/competitiveness-index-venezuela/ (last visited June 06, 2020)
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