12.07.2015 Views

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

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

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

SHOW MORE
SHOW LESS
  • No tags were found...

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

productivity. The implication <strong>for</strong> small economies like Jamaica is that they will have toupgra<strong>de</strong> the capacity of their local institutions in or<strong>de</strong>r to improve their diamond ofnational competitiveness. Institutions are important as a related industry in the diamondof national competitiveness. There is no doubt that institutional void will contributesignificantly to market failures which are inimical to a country’s quest <strong>for</strong> improvedinternational competitiveness.Concluding RemarksThe <strong>de</strong>terioration in Jamaica’s level of international competitiveness results from anumber of factors including, but not limited to; an unstable macro-economicenvironment, weak institutions, a low level of trust <strong>for</strong> public officials, poor factorconditions including infrastructure and ina<strong>de</strong>quate critical human resources, among otherthings. The data revealed that Singapore is able to remain in the top 10 most competitivecountries in the world and, the most competitive small, open economy precisely becauseit possesses the correct mix of these factors. Possessing the correct mix ofcompetitiveness drivers will help a country to upgra<strong>de</strong> the various elements of itsdiamond of national competitiveness as presented in the DDD mo<strong>de</strong>l and there<strong>for</strong>eimproves its international competitiveness. Small economies like Jamaica that have seena <strong>de</strong>cline in their competitiveness position in recent time, should adopt and adapt thelessons from the Singaporean experience in or<strong>de</strong>r to help them to upgra<strong>de</strong> their diamondof national competitiveness.27

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!