Mexico ranked 37th out of 43 nations on the country’s International Competitiveness Index 2021, a drop of two places, and is now categorised within a group of countries with “low competitiveness.”

The Mexico Institute for Competitiveness (Imco) gauges economies’ ability to generate, attract and retain talent and investment based on 85 indicators and 10 sub-indices.

At the top of the list is Norway, whilst Nigeria is at the bottom in 43rd place, the only nation thought to have “very low competitiveness.”

Mexico edged down in the rankings in five out of 10 sub-indices, namely international relations, innovation, society, political system and environment. The country improved its placement under market conditions and economy, says a Mexico News Daily report.

According to Imco, factors limiting Mexico’s competitiveness are health, energy and technological connectivity. In addition, the country’s attractiveness has been impacted by a net decline in foreign investment and a drop in the trade freedom index.

In regard to energy, despite the fact Mexico signed the Paris Agreement with the forecast of generating 35% of its energy from clean sources by 2024, it only hit 21% in 2019, just above Nigeria at the bottom of the rankings with 18.8%.

Furthermore, in terms of healthcare, Mexico’s citizens cover 42% of their costs, whilst in comparison in Denmark, citizens just pay 14%.

Imco went on to add that technological connectivity issues are down to a shortage of mobile phone networks and a low penetration of technology in the financial system.

Among Imco’s suggestions to boost competitiveness are improving police officer training, reducing and streamlining government bureaucracy, more support for SMEs and better connections between the Yucatán Peninsula and the rest of the country.