PH takes 56th spot in global competitiveness index

Mae Love
October 17, 2018

The report emphasizes the importance of trade openness for global competitiveness, saying that the "data suggests that global economic health would be positively impacted by a return to greater openness and integration" whilst also cautioning that new policies are needed for those adversely affected by globalization.

Among countries in the Association of Southeast Asian Nations (ASEAN), Singapore remains the most competitive, followed by Malaysia, Thailand, and Indonesia, and the Philippines.

The Netherlands has slipped out of the top five in the latest edition of the World Economic Forum's ranking of the world's most competitive economies. Last year, the Philippines ranked 56th, using the 2017 version of WEF's index.

Importantly, the plan needs to demonstrate a strong sense of collaboration between the public and private spheres, the different sectors in the economy and with other economies, he said.

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The bottom 30 were nearly exclusively African countries, although Haiti and Yemen squeezed ahead of last-placed Chad, which scored 35.5. "India has invested more heavily on transport infrastructure and services, while Sri Lanka has the most modern utility infrastructure", it added. The US scores 85.6 in total, ahead of Singapore (83.5), Germany (82.8), Switzerland (82.6), Japan (82.5), the Netherlands (82.4), Hong Kong (82.3), the United Kingdom (82.0), Sweden (81.7) and Denmark (80.6) in the top ten.

In its worldwide competitiveness rankings report released today, which ranks 140 countries based on 98 indicators and 12 pillars, WEF ranked Taiwan 1st in the "Macroeconomic stability" pillar, sharing the top spot with 31 other countries.

Meanwhile, low transparency, innovation, limited interaction and diversity were listed as factors that hurt the Russian economy, along with weak institutions, workforce skills, lower social capital and a vulnerable financial system.

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