Jamaica dipped 13 places to rank 66th in the Global Information Technology Report 2009-10 but the island still ranks third in region as it benefited from latest technology and broadband infrastructure.

The island’s access to the latest technology and its growing Internet usage are now among the top 50 in the world but it also was among the worst 30 in regards to venture capital availability and the quality of its math and science education, a key indicator for absorbing technology, the report produced by the World Economic Forum (WEF) and Insead Business School stated.

The report published late last month stated that Jamaica dipped for the third consecutive year from 46 among 127 countries in 2006-07 to 53 among 134 countries in 2008-09 and then to 66 among 133 countries in 2009-10.

Despite the absolute fall in ranking, the report stated that Jamaica actually improved its ranking relative to its peers or decile group from eight to five between 2001-02 and 2009-10. Jamaica ranked 56 in the initial 2001-02 report.

“In Latin America, three countries stand out, having improved three decile ranks since 2001-02: Colombia, Guatemala, and Jamaica. Despite their dynamism, all these countries remain far below the leading positions in the rankings,” stated the report whose editors include Soumitra Dutta, Roland Berger Professor of Business and Technology, Insead, France, and Irene Mia, Director and Senior Economist, Global Competitiveness Network, World Economic Forum.

Since the liberalisation of Jamaica’s telecommunication sector commenced in 2000, mobile telephony access and broadband Internet access have improved significantly. Now, mobile phone subscription per 100 persons surpassed 100 while Internet users per 100 persons is over 56.9.

The report tested the availability of technology and its usefulness in society. It ranked countries on its Networked Readiness Index which was comprised of three subindexes including readiness, usage and environment. Readiness and usage was tested on a individual, business and government basis whilst the environment was tested for its market, regulatory and infrastructural strength. For 2009-10 Sweden replaced Denmark as world’s most networked economy whilst the US moved down two positions to fifth place.

Two countries in the Caribbean beat Jamaica in ranking including Puerto Rico at 45 down from 42 a year prior and Barbados at 35 from 36 a year prior. For its income level described as upper middle income Jamaica ranked 15 among 133 nations. Dominica Republic followed Jamaica at 74 having improved from 75 a year prior. Trinidad & Tobago was 79 but improved from 81 year prior. Guyana remained flat at 100 year on year. Other Caribbean countries were not included in the ranking.

The World Economic Forum is an independent international organisation committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.

Most telling was a subcategory ranking in which Jamaica ranked the 13th worst amongst 133 in relation to the ease at which entrepreneurs with innovative but risky projects can find venture capital. In terms of the burden of Government regulation Jamaica ranked 121. In terms ofthe extent and effect of taxation, Jamaica ranked 123. In terms of financial risk sophistication Jamaica ranked 43 beating T&T at 52, Puerto Rico at 21 was the only Caribbean country which ranked higher than Jamaica. In regard to the availability of latest technology Jamaica ranked 46, Barbados 29, Puerto Rico at 22.

“The assessment for Latin America and the Caribbean is less positive, although fairly varied in terms of country performances with respect to last year, with no economy from the region appearing in the top 20 and only four in the top 50, namely Barbados at 35, Chile at 40, Puerto Rico at 45, and Costa Rica at 49. While Brazil is fairly stable at 61, Mexico and Argentina seem to be losing ground, placing themselves at 78 and 91, respectively,” stated the report.

The Information Communication and Technology (ICT) sector has generated net foreign exchange earnings of approximately US$199.2 million for Jamaica between 2001 and 2005. Exports from the call centre industry alone is estimated to be between US$300-400 million from the 22 contact centres operating in Jamaica. However, only four of those firms are local companies which means that profits are often expatriated from Jamaica. One of those firms eServices was sold for US$85 million last year. The industry currently employs over 14,000 persons in telecommunications and call centre activities. The ICT sector is another of the priority industries within Jamaica’s National Export Strategy (NES) a plan geared at increasing export earning to augment the ailing economy.

For 2009, Jamaica recorded the second highest inflation rate and the sixth lowest estimated growth rate among 33 regional nations of the Caribbean and Latin America, according to the recently published Annual Statistical Yearbook by the Economic Commission for Latin America and the Caribbean (ECLAC). The island additionally trailed the region trend data in regard to foreign direct investment (FDI), debt reduction and other data over eight years. ECLAC is one of five regional commissions of the United Nations Economic and Social Council.