Argentina, Chile, Costa Rica are the region's most tech ready

Argentina, Chile and Costa Rica are the most technologically ready countries in Latin America according to a study by the Economist Intelligence Unit (EIU). Venezuela, Cuba and the Dominican Republic, on the other hand, rank the lowest regarding internet access, digital economy infrastructure and openness to innovation.

With a score of 9.71875, Australia, Singapore and Sweden occupy the global top spot in the 2018-2022 Technological Readiness Index, above the US with 9.4375 points.

Argentina, the highest-ranked Latin American economy, shares 32nd place with China and Russia with a score of 7.1875, followed by Chile ranking 36th with a score of 6.90625. Costa Rica registered a score of 6.34375 reaching place 42.

The region's largest market, Brazil, reaches 47th place with Saudi Arabia, while Mexico comes in 49 out of 82 of the largest economies, together with countries such as Croatia and Turkey.

Venezuela appears dead last in the region at 77th place and only above Bangladesh, Libya, Nigeria and Angola on the global scale, the report adds. "Only one country is likely to see a decline in internet access in this period (2018-2022): Venezuela, which is currently enduring a debt and hyperinflation crisis that we expect to turn into an outright economic collapse," the study says.

"The most fundamental element of technological readiness is access to the internet. In much of the developed world, a fast and reliable internet connection is taken for granted; in those places where this is lacking, business opportunities are significantly constrained."

Argentina is the only country in the region where over 80% of the population had access to the internet in 2016.

Mexico appears third in the Americas, behind its NAFTA partners US and Canada, in terms of cybersecurity preparedness, but ahead of Brazil and Argentina. It also appears in third place for government online services, behind Canada and the US but ahead of Colombia and Chile.