ONLY one Caricom country made the top 50 countries in the World Economic Forum's Global Competitiveness Report 2010-2011. Barbados is rated at 43 of 139 countries surveyed. Trinidad and Tobago, Jamaica, and Guyana were rated 84, 95, and110 respectively.

No other Caricom country was rated because of a lack of survey data.

This is not good news for Caricom, already beset by severe economic problems including high debt to GDP ratios, increasing unemployment, and contracting economies.

Barbados' higher ranking over the three other Caricom countries surveyed is due, according to the report, to its better health and educational facilities and technological readiness, but it got poor marks for inefficient government bureaucracy, access to financing, a poor work ethic among the labour force and foreign currency regulations.

Crime is rated highest among the problems that beset Trinidad and Tobago followed by an inefficient government bureaucracy and, surprisingly, access to financing. None of its rankings—not for basic requirements, efficiency enhancers or business sophistication and innovation—matched Barbados.

Like Trinidad and Tobago, crime was identified as the biggest problem facing Jamaica's competitiveness. An inefficient government bureaucracy, access to financing and an inadequately educated workforce were also identified among its major setbacks.

High tax rates headed the list of Guyana's problems, followed by crime, an inadequately educated workforce and access to funding.

So, who are the top 10 most competitive countries in the world for business? In order of priority, they are: Switzerland, Sweden, Singapore, United States, Germany, Japan, Finland, Netherlands, Denmark, and Canada.

The inclusion of Singapore, a small island state, is significant. It shows that size is not a barrier to being competitive in business.

And, what distinguishes these top 10 countries from the other 129 nations in terms of their ability to be competitive globally and attract businesses? The World Economic Forum identifies 12 inter-related pillars for competitiveness, including the strength of institutions and laws, political stability, the quality of infrastructure, public health and education and levels of technology and innovation. The forum makes the point that "the pillars are not independent; they tend to reinforce each other and a weakness in one area often has a negative impact on other areas".

In the case of Singapore, a physically small island state, it is ranked "number one for government efficiency; second for its financial market sophistication ensuring the proper allocation of these factors to its best use". It is also ranked fifth for its world-class infrastructure with excellent roads, ports, and air transport facilities. In addition, it has a strong focus on education, providing individuals with the skills needed for a rapidly changing economy.

Singapore's accomplishments are to be admired, particularly when it is considered that both Guyana and Jamaica at the time of their independence in 1962 and 1966 respectively were more prosperous than Singapore.

Clearly there are lessons to be learned by Caribbean states from Singapore's success. Not all of them will be transferable, because of the different work culture that exists between Singapore and the Caribbean, but there are other basic experiences and knowledge that Singapore could offer, among them: how to make government more efficient and institutions stronger.

Bringing crime under control has to be a top priority for Caricom countries and they can best do so together.

Establishing the Caribbean Single Market should also be accelerated with mergers and acquisitions between Caribbean countries being facilitated by legislation. This will improve business sophistication, enhance efficiencies, and strengthen institutions. Taxation levels in many countries also have to be reviewed to make them more competitive globally. Importantly, access to financing should be a high priority that should be tackled by governments and the private sector collectively.

The government bureaucracy that slows down investment, also has to be overhauled rapidly. Inordinate delays and red tape that slow investment cost investors money. They don't hang around; not with a world eager to lure them.

A series of meaningful consultations between governments and the University of the West Indies, between governments and the regional private sector organisations and the creation of task forces drawn from all three, could offer implementable solutions to the problems of competitiveness that beset the Caribbean region.

It is time to get serious, or get left behind.

* Sir Ronald Sanders is a

consultant and former

Caribbean diplomat.