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Abstract - Quest for Global Competitiveness - Universidad de Puerto ...

Abstract - Quest for Global Competitiveness - Universidad de Puerto ...

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<strong>Abstract</strong>This paper presents the findings from a benchmarking study of Jamaica’s competitivenessposition viz-a-viz other similar small economies in the Caribbean. Using the Dual DoubleDiamond mo<strong>de</strong>l and the Rank Xerox Benchmarking methodology as its guiding frameworks, thepaper analyzed Jamaica’s international competitiveness position in relation to Singapore, the mostcompetitive small, open economy in the world. Comparisons were also ma<strong>de</strong> with three othersmall, open economies in the Caribbean namely Barbados, Trinidad and Tobago and Costa Rica.The results revealed that Jamaica’s weak competitiveness position relative to its benchmarkcountry, Singapore results from a number of factors, including but not limited to: an unstablemacro-economic environment, weak institutions, distrust <strong>for</strong> public officials and, poor factorconditions. These competitiveness drivers were present in Singapore in a positive way, thusleading to the economy being able to upgra<strong>de</strong> its diamond of national competitiveness. Thelessons learnt from the Singaporean story have implications <strong>for</strong> Jamaica and other similar small,open economies that are experiencing a <strong>de</strong>cline in their levels of international competitiveness.Keywords: <strong>Competitiveness</strong>, Benchmarking, Small economies2

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