It placed 64th out of 141 countries, lower than its 56th spot last year. It got an overall score of 61.9, lower than its 62.1 points in 2018.
The WEF measured 12 areas to come up with the overall ranking. These are:
- Institutions – 87th from 101st
- Infrastructure – 96th from 92nd
- Health – 102nd from 101st
- Labor market – 39th from 36th
- Information communications technology adoption – 88th from 67th
- Macroeconomic stability – 55th from 43rd
- Skills – steady at 67th
- Product market – 52nd from 60th
- Financial system – 43rd from 39th
- Market size – 31st from 32nd
- Business dynamism – 44th from 39th
- Innovation capability – 72nd from 67th
The Philippines’ lowest ranking was in health, at 102nd overall.
While the country’s infrastructure (96th) and institutions (87th) slightly improved, it is still among the lowest performers globally in these areas.
The country also suffered its sharpest drop in information communications technology adoption, falling by 21 places to 88th overall.
Macroeconomic stability (55th), financial system (43rd), business dynamism (44th), and innovation capability (72nd) suffered dips as well.
In Southeast Asia, the Philippines dropped to 6th place, overtaken by Brunei.
Singapore was the best performer overall, followed by the United States, Hong Kong, the Netherlands, and Switzerland.
Rounding up the top 10 are Japan, Germany, Sweden, the United Kingdom, and Denmark.
“Introduced in 2018, the [Global Competitiveness Index] 4.0 provides a detailed map of the factors and attributes that drive productivity, growth, and human development in the era of the fourth industrial revolution. The 2019 edition covers 141 economies, which account for 99% of the world’s [gross domestic product],” the WEF said. – Rappler.com