(OCTOBER 9, 2019) — The Philippines dropped eight places in the 2019 Global Competitiveness Report of the World Economic Forum (WEF), which ranks the most competitive economies in the world.
The country placed 64th out of 141 countries included in the list, with a score of 61.9. Last year, the Philippines scored 62.1.
“Covering 141 economies, the Global Competitiveness Index 4.0 measures national competitiveness defined as the set of institutions, policies and factors that determine the level of productivity,” the WEF wrote in the report.
Singapore, Malaysia, Thailand, Indonesia, and Brunei were all ahead of the Philippines in the Southeast Asian Region. Singapore was noted as the most competitive economy in the world, overtaking the United States of America.
WEF measured each country’s competitiveness using 12 pillars: Institutions, Infrastructure, ICT adoption, macro-economic stability, health, skills, product market, labor market, financial system, market size, business dynamism and innovation capability.
The Philippines’ lowest rank was in health at 102nd, in which the report noted a decrease in the country’s life expectancy to 65.6 years old, from 67.6 years last year.
The country likewise declined in ICT adoption and macro-economic stability pillars, registering 88th and 55th places, respectively.
Meanwhile, the Philippines nailed its highest increase in institutions, where it went up to 87th from 101st last year.
The strongest pillars of the Philippines were market size (31st), labor market (39th), financial system (43rd), business dynamism (44th), and product market (52nd).
The Makati Business Club is WEF’s partner institute in the country. (Randell Ritumalta/JMF)
SEE FULL REPORT HERE: https://www.weforum.org/reports/global-competitiveness-report-2019-searching-for-the-win-win-policy-space