The Canary Islands remained at the bottom of the European regions in competitiveness in 2023
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Of the 234 regions that make up the European Union of 27, the Canary Islands are ranked 161st in global competitiveness. That is to say, It is at the bottom of the European ranking and is surpassed by numerous regions in Poland, the Czech Republic, Greece and Cyprus. that in recent years have taken off due to the improvements introduced in training and innovation, among other aspects.
Position 161 places the Canary Islands in the low competitiveness bracket, although in the last three years it has managed to improve its position and climb 9 places in this index prepared by the Impulsa Balears Foundation. The Canary Islands are on a par with seven other Spanish regions and precede Murcia, Castilla-La Mancha and Extremadura. Only Madrid and the Basque Country are in the ‘very high’ competitiveness range of the regions. If the maximum global competitiveness ranges on a scale from 0 to 100, the Canary Islands is at 43.4. Madrid is at 61 and occupies position 37 of the 234 regions that have been analyzed.
The technical director of Impulsa Balears, Antoni Riera, highlights the importance of having an advantageous position in the global competitiveness ranking because it means that that region is “attractive” in foreign markets and at the same time it is “prosperous at home” and improves the quality of life of the local population.
The ranking is based on 11 pillars that determine the competitive position, included in three subindices: the basic requirements – institutions, macroeconomic stability, infrastructure, health and basic education -, the drivers of efficiency – higher education, labor market efficiency and market measure- and the drivers of innovation -technological readiness, business sophistication and innovative capacity-.
Of all of them, the analysis of the labor market takes the worst part. Of the 234 regions, the Canary Islands are 212th in labor efficiency. In the last three years he has lost four positions. It is also at the bottom in business sophistication (175th of the 234 regions), in institutions (155), in innovative capacity (145), in macroeconomic stability (142), in market size (111) and in higher education (106). . These are your weaknesses. At the top of the EU regions is health (22); infrastructure (30) and technological preparation (61), considered the competitive advantages of the islands compared to the rest of the regions.
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