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Brazil’s competitiveness worsened in part due to a deterioration in government efficiency. Here the Planalto presidential palace in Brasilia. (Photo: Fabio Rodrigues Pozzebom/Agência Brasil)
Uruguay leads in good governance in Latin America. Here capital Montevideo. (Photo: Montevideo City Government)
Thursday, June 20, 2024

Competitiveness: Brazil Worsens Again

Musk pay, Corona brand, good governance leaders and laggards.


For the fourth consecutive year, Brazil saw its competitiveness worsen, according to latest competitiveness ranking from Swiss-based business school IMD.

Brazil dropped two spots, going from 60 to 62 among 67 countries worldwide.

Although its economic performance improved, Brazil saw deterioration in government efficiency and infrastructure, while business efficiency remained the same.

Peru, Argentina and Venezuela also worsened their competitiveness, while Colombia moved up one spot.

Mexico and Chile remained the same, keeping their spots of 56 and 44, respectively.

Peru saw a dramatic drop of eight spots to 63rd place. It suffered strong declines in economic performance and government and business efficiency as well as a further decline in infrastructure.

Colombia improved business efficiency and infrastructure, although it saw declines in economic performance and government efficiency.

Venezuela remains the laggard both in Latin America and globally, ranking last on the IMD ranking.


Tesla shareholders on June 13, 2024 voted to ratify CEO Elon Musk’s $56 billion compensation package from 2018 (valued at $45 billion today).

Musk’s compensation is the equivalent to the combined fortune of Mexico’s second and third-richest men, German Larrea and Ricardo Salinas.

It is also close to what America Movil, Latin America’s fourth-largest company, had in sales last year ($48.2 billion) and the GDP of Bolivia ($49 billion), according to Latinvex data for 2023 and 2024, respectively.

Meanwhile, a YouGov poll released two months ago showed Tesla’s image worsening in Mexico due to delays in starting construction of its announced plant there and growing recognition of rivals such as BYD.


Corona is among the world’s 100 most valuable brands, according to the latest Kantar BrandZ Most Valuable Global Brands.

Its brand value of $19 billion ranks just behind companies like Bank of America, HSBC and DHL.

It’s the first time since 1998 that Kantar includes a Mexican brand on its top 100 list, El Financiero reports.


Brazilian digital bank Nubank and Colombian delivery app Rappi recently made the list of Time magazine´s ranking of most influential companies.

Nubank in May became the first neobank outside of Asia to amass more than 100 million customers and last year hit $1 billion in profit, a first for any Western online-only bank, Time points out.

Fresh off its first break-even year, in 2024 Rappi is investing $110 million to grow in Mexico, including by expanding its Rappi Turbo service to deliver food and pharmacy goods to more customers in just 10 minutes, Time reports.


Uruguay leads in Latin American good governance, while Venezuela is the worst country, according to the latest Chandler Good Government Index (CGGI).

The index ranks 113 countries worldwide in terms of seven key indicators: leadership & foresight, robust laws & policies, strong institutions, financial stewardship, attractive marketplace, global influence & reputation and helping people rise.

Uruguay was ranked in 31st place, followed by Chile in 35th place. In leadership & foresight, Uruguay is ranked seventh in the world.

The Dominican Republic was added for the first time and made its debut in 67th place, while another newcomer — Paraguay — ended up ranked in 76th place.

Other Latin American countries ranked include Costa Rica (43), Colombia (59), Peru (66), Argentina (77), El Salvador (85), Guatemala (94), Honduras (97), Nicaragua (99) and Venezuela (113).

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