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Abstract
One of the biggest challenges facing countries today is how to make their economies and industries competitive in the face of significant international rivalry and a globalized environment. Countries are making considerable efforts to boost the factors that make them more competitive, not least of these being the adoption of Information and Communication Technologies (ICTs), a determining factor in global industrial trends. Unfortunately however some countries have lagged behind in terms of ICT implementation, with the Latin American region being a specific example. This article seeks to identify whether there are significant differences between Latin American countries and their main trading partners with respect to ICT adoption, and also with respect to the Global Competitiveness Index (2019) produced by the World Economic Forum. The findings refer to the fact that there is a significant difference in how clusters of various Latin American countries are underpinning competitiveness through ICTs when compared to their main partners.
Highlights
In today’s globalized world, countries endeavor to meet their domestic needs while simultaneously defending their profitability in the international marketplace relative to other countries
The methodology of the study consisted of analyzing the Information and Communication Technology Adoption (ICT Adoption) variable of the Global Competitiveness Index 2019 produced by the World Economic Forum (WEF, 2019a), and using this analysis to generate three blocks of countries according to their placement in the index
To carry out this research, and as mentioned above, a cluster analysis was conducted in which countries were grouped according to the global competitiveness index generated by the World Economic Forum (2019)
Summary
In today’s globalized world, countries endeavor to meet their domestic needs while simultaneously defending their profitability in the international marketplace relative to other countries. This level of competitiveness allows them to raise productivity, which in turn translates into enhanced income, a stronger economy and an improved quality of life for citizens (Yamashita, 2018). According to the competitiveness index of the World Economic Forum, several factors can influence the level of national competitiveness These can include the macroeconomic environment, financing costs, entrepreneurial diversity, labor quality and transparency when doing business. As well as these factors helping to determine national competitiveness, they differentiate highly-competitive countries from their less-competitive regional neighbors (WEF, 2019a)
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