PH climbs 12 places in Global Competitiveness Report
The Philippines ranked 56th out of 140 countries in this year’s Global Competitiveness Report recently released by the Wolrd Economic Forum (WEF). This has been an improvement compared to last year’s 68th place.
The criteria for this year’s list was based on 12 pillars of competitiveness namely: institutions, infrastructure, information and communications technology adoption, macroeconomic stability, health, skills, product market, labor market, financial system, market size, business dynamism, and innovation capability.
Among the country’s strengths include market size where PH ranked 32nd in the world, labor market at 36th, financial system at 39th, and business dynamism at 39th place. According to the Makati Business Club, WEF’s partner institute, that the Philippines good ranking was due to the private sector’s innovation in terms of addressing efficiency and productivity.
Other ASEAN countries ranked as follows: Singapore ranked second, Malaysia at 25th, Thailand at 38th, and Indonesia at 45th place.