Philippines continues to gain ground in global competitiveness as
it moves up to the 59th place out of 148 economies, jumping 6
notches1 from last year’s results. We’ve been moving 26 places up the ranking since 2010.
The Global Competitiveness Report 2014-2015 is a comprehensive
assessment of national competitiveness. Competitiveness is defined as the country’s set of institutions, policies and factors that determine the level of productivity. This year’s publication covered 144 economies.
The report is based on the following 12 pillars of competitiveness: innovation, institutions, financial market development, goods market efficiency, labor market efficiency, infrastructure, health and primary education, technological readiness and market size.
What does this tell us?
The Global Competitiveness Report set diagnostic tools which
highlight the strengths that a country can build on, as well as the challenges that must be overcome, in order to become more globally
competitive. Also, investors pay attention to the indicators and
use the information to assess country standings across a variety
of metrics2.
The result of this year’s report is yet another indication that
Philippines is well-poised to attain it’s objective of being in
the top third by 20163.
The key drivers of our performance are the following:
- Institutions
- Business sophistication
- Financial market development
- Innovation
- Government efficiency
The 5 most problematic factors in doing business:
- Inadequate supply of infrastructure
- Corruption
- Inefficient government bureaucracy
- Tax regulations
- Restrictive labor regulations
Zooming Out
This year’s 10 most competitive economies are:
- Switzerland
- Singapore
- United States
- Finland
- Germany
- Japan
- Hong Kong SAR
- Netherlands
- United Kingdom
- Sweden
View or download the complete Global Competitiveness Report 2014 – 2015 here.
References:
1 Philippines Continues to Gain Ground in WEF Global Competitiveness Report
Philippines Jumps to 59th in Competitiveness Index
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