Sunday, November 1, 2009

Costa Rica is the most Prosperous Nation in Latin America

Costa Rica has emerged as the number one amongst Latin American countires in the world’s only global assessment of wealth and well being: The Legatum Prosperity Index.

Other studies rank countries by actual levels of wealth or development, but the Prosperity Index produces rankings based upon the foundations of prosperity: those factors that drive economic growth and produce happy citizens over the long term. As the Index indicates: prosperity is security.

The Legatum Prosperity Index asseses countries in 9 Costa Rica surpassed regional heavyweights Panama, Brazil, Argentina, Chile and Colombia in 9 key areas:

Economic Fundamentals: a growing, sound economy that provides opportunities for wealth creation. (rank 55th)

Entrepreneurship and Innovation: an environment friendly to new enterprises and the commercialization of new ideas. (Rank 33rd)

Democratic Institutions: Transparent and accountable governing institutions that promote economic growth. (ranked 28th)

Education: An accessible, high-quality educational system that fosters human development. (ranked 61st)

Health: The physical well being of the populace. (ranked 37th)

Safety and Security: A safe environment in which people can pursue opportunity. (ranked 44th)

Governance: An honest an effective government that preserves order and encourages productive citizenship. (Ranked 38th)

Personal Freedom: The degree to which individuals can choose the course of their lives. (ranked 12th)

Social Capital: Trustworthiness in relationships and strong communities. (ranked 47th)

Costa Rica surpassed regional heavyweights Panama, Brazil, Argentina, Chile and Colombia and all other Latin American Countries to rank highest in the region at 32 of 104 countries included in the survey.

Costa Rica scored highest in Personal Freedom, surpassing countries like Japan, Austria, Germany, Italy, and Belgium at the international level. "Costa Ricans enjoy excellent freedom of movement, religion, and speech, and 91% of respondents were satisfied with the freedom to choose in their daily lives.* Tolerance of ethnic minorities and immigrants is above the international average, with 72% of people believing Costa Rica to be a good place for both immigrants and minorities.*"

Whilst ranking highest amongst its neighbouring Latin American Countries is an impressive achievement, Costa Rica has work to do in other areas (particularly education). The Costa Rican Govenrnment is making efforts to address these areas already with almost 25% of the entire National Budget to be spent on education in 2009.

Click on the link to read the full The Legatum Prosperity Index

Related Stories: Costa Rica Ranks Number 1 in the Happy Planet Index.

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