Venezuela with the poorest business climate in the region
The Economic Climate Index (ECI) improved in Latin America
The indicator hit the same level as in April and way above the 4.4 points reported in October 2011, when it dropped to its lowest level since the world crisis of 2008.
The quarterly index includes assessments made by 140 experts from 18 countries.
The improvement in the business climate in the region came amidst a worsening of the world Economic Climate Index stemming from the global crisis. Globally, the ECI slipped from 5.2 in April to 4.7 in July and 4.6 in October.
In details, the business climate is better and more favorable in Bolivia, Brazil, Chile, Colombia, and Paraguay. In Peru and Paraguay, the index did not improve, yet it remained favorable. Other countries reported improvements between July-October. However, the business climate continues being unfavorable in Argentina and stable in Mexico, Ecuador, and Venezuela, whose business climate index was 3.4 points, compared to 4.9 points in Mexico and Ecuador.
"Cocoa is to Venezuelans what wine is to the French," says Alejandro Prosperi, head of the Venezuelan Chamber of Cocoa, using this simile to express the paramount importance or the cocoa industry for the country. Often times heralded as "the best cocoa in the world," a passion for quality dating back to the sixteenth century has made Venezuelan cocoa growers to enjoy high prestige at international level and their product to be among the most sought-after in the world.