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Is the Global Competitiveness Index by the World Economic Forum a reliable tool for the design of labor market policies? Evidence from Latin American countries

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  • Vera Celia P.

    (Universidad de Piura, Department of Economics, Calle Mártir José Olaya 162, Miraflores, Lima, Perú)

  • Rendon Silvio

    (Executive Director at the Inter-American Bank, 1300 New York Ave NW, Washington, DC, 20577, USA)

Abstract

Most of the competitiveness gap in Latin America is due to its labor market, one of the areas with the highest rates of subjective indicators in the Global Competitiveness Index (GCI). This paper analyzes the subjective component of the GCI in the labor market area and discusses its accuracy for policy advice. We focus on the set of countries that highly rely on the GCI for policy advice and highlight that the perception of business executives of the labor market as rigid contrasts with the significant experience of flexibilization policies undertaken in the region over the past 3 decades. We show that the GCI has been largely constructed with opinion data from large firms, a business sector that accounts for

Suggested Citation

  • Vera Celia P. & Rendon Silvio, 2023. "Is the Global Competitiveness Index by the World Economic Forum a reliable tool for the design of labor market policies? Evidence from Latin American countries," IZA Journal of Labor Policy, Sciendo & Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 13(1), pages 1-26, January.
    • Handle: RePEc:vrs:izajlp:v:13:y:2023:i:1:p:26:n:1
    DOI: 10.2478/izajolp-2023-0008
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    More about this item

    Keywords

    labor markets; Global Competitiveness Index; subjective data; economic rankings; J00; J08; J8; O54; O57; C82;
    All these keywords.

    JEL classification:

    • J00 - Labor and Demographic Economics - - General - - - General
    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies
    • J8 - Labor and Demographic Economics - - Labor Standards
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access

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