PH slides in world competitiveness ranking, gets poorest score in health – report

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FILE PHOTO

Metro Manila (CNN Philippines, October 9) – The Philippines dropped eight places in the rankings for the most competitive economies, placing 64th out of the 141 measured in the survey. It placed 56th in the 2018 edition of the report.

The country got an overall score of 61.9, lower than its 62.1 points last year, in the World Economic Forum’s Global Competitiveness Report 2019.

In the Southeast Asian region, the Philippines slipped to sixth from fifth, switching spots with Brunei, as Singapore, Malaysia, Thailand and Indonesia take the top four, in that order, and Vietnam, Cambodia and Lao PDR are in the bottom three, respectively. It is less competitive in areas of information and technology (ICT) adoption at 8th place, infrastructure, also at 8th, and health at 7th.

However, in terms of the labor market, and financial system indicators, the country is more competitive, obtaining the 4th place for both pillars. Except for high redundancy costs, the country’s labor market policies such as work and management relations and labor mobility had better ratings than its neighboring countries, the report said.

Globally, it suffered the biggest slump in the field of ICT adoption, ranking 88th from 67th and its rating, slipping from 54.8 to 49.7. The country’s macroeconomic stability rank also slid 12 notches to 55th from 43rd, with the report noting that the inflation rate of the country is just easing this year after it was at a nine-year high last year.

The Philippines’ lowest rank was in the pillar of health at 102nd. The report noted a decrease in the country’s life expectancy to 65.6 years old, from 67.6 years last year.

Meanwhile, the country had improved scores in the pillars of institutions at 50th; market size at 31st, labor market at 39th; financial system at 43rd; business dynamism at 44th; and product market at 52nd .

The report also noted the country’s edge in human capital, highlighting the good skills sets of graduates as well as the digital abilities of the population, as it maintained its rank at 67th.

Singapore topped all 141 economies based on productivity, overtaking the United States. It is also ahead of Hong Kong, the Netherlands, Switzerland, Japan, Germany, Sweden, the United Kingdom and Denmark, most of which are Organisation for Economic Co-operation and Development countries.

The annual WEF report used to gauge the global competitiveness index with 12 pillars to measure economies’ national competitiveness and drivers of growth.

The Makati Business Club is the Philippine partner-institute of WEF, providing the expert opinion survey that was used in the report.