MANILA – The Philippines landed in the 56th place under the World Economic Forum’s (WEF) Global Competitiveness Index 4.0 for 2018 that covered 140 countries.
This was the same ranking it had last year.
In the latest index, the Philippines had a score of 62.1, the same score garnered by Kuwait (no. 54), Costa Rica (no. 55), and Greece (no. 57).
However, in the Association of Southeast Asian Nations (ASEAN) region, the Philippines ranked as the fifth most competitive.
Singapore is the most competitive in ASEAN, which placed second globally, followed by Malaysia at 25th, Thailand at 38th, and Indonesia at 45th.
“With the recently passed Ease of Doing Business Act, we remain optimistic that the government will be able to sustain these gains and address the concerns of efficiency in doing business,” Makati Business Club chairman Edgar Chua said in a separate statement.
The index ranks economies based on the microeconomic and macroeconomic foundations of their national competitiveness or the set of institutions, policies and factors determining the country’s level of productivity.
As the WEF has transitioned to a new competitiveness index, this year’s rankings are not comparable to previous reports.
The new index integrates well-established aspects with new and emerging levers that drive productivity and growth. It emphasizes the role of human capital, innovation, resilience and agility not only as drivers but also as defining features of economic success in the fourth industrial revolution, according to the WEF.
“The WEF Global Competitiveness Index has completely changed and no longer directly comparable to the previous year’s score and rank. Considering the wholesale change and some tougher measures, holding steady in the rank is a good thing,” National Competitiveness Council Co-Chairman Guillermo Luz told GMA News Online.
“More importantly, moving up within the ASEAN to the fifth reflects an improvement,” Luz said.
The index ranks economies according to their microeconomic and macroeconomic foundations of national competitiveness or the set of institutions, policies and factors determining the country’s level of productivity.
The US placed first with a score of 85.6 in the 2018 Global Competitive Index, followed by Singapore with a score of 83.5.
Germany came in third with a score of 82.8, Switzerland in fourth with 82.6, and Japan in fifth with 82.5.
The 140 economies’ competitiveness was measured through 98 indicators organized into 12 pillars.
In a press statement, the WEF said the changing nature of economic competitiveness poses a new set of challenges for governments and businesses.
All the competitive economies possess considerable room for improvement, it said.
“The business community remains committed to work with the government to address these gaps, especially in our weakest links in ease of doing business, corruption incidence, and infrastructure, particularly in road connectivity,” Chua said. (GMA News)
