Published: Thu, October 10, 2019
Economy | By

Philippines slips in World Economic Forum competitiveness ranking

Philippines slips in World Economic Forum competitiveness ranking

India climbed 23 places to 77 among 190 countries in the World Bank survey previous year.

Singapore jumped 1.3 points to take the crown of world's most competitive economy from the United States in 2019 with a score of 84.8 points, according to the World Economic Forum's (WEF) 2019 Global Competitiveness Index.

However, Ukraine managed to climb from 86th to 85th place by business dynamism, from 66th to 59th place by labor market indicators and from 73rd to 57th place by product market indicators.

With a ratio of female workers to male workers of 0.26, India has been ranked very low at 128th place.

Romania's highest rankings were for pillars such as ICT adoption (32nd), Market size (41st), Institutions (52nd), Infrastructure (55th), and Innovation capability (55th).

Qatar has preceded several countries in the region, including Saudi Arabia, which ranked 36th place, Bahrain (45th), Italy, Turkey, Russia, India, Poland, and Argentina, most of which belong to the G20 group as the world's largest economy.

"Despite an overall weaker performance this year, the U.S. remains one of the most competitive economies in the world".

Although the report noted that Germany was ranked Nr.

The most important aims in economic policy in the coming years will be to further improve competitiveness and productivity, the ministry said.

In the overall rating, India is followed by some of its neighbours along with Sri Lanka at 84th arrangement, Bangladesh at 105th, Nepal at 108th and Pakistan at 110th arrangement.

For the record, Singapore has beaten the U.S. to top the 2019 list.

It ranked first in infrastructure, health, and labour, but could still improve in innovation.

2019 Global Competitiveness Index (Top 10). Other high-scoring areas included the financial system, market efficiency and macroeconomic stability.

But these positives contrast with major shortcomings in some of the basic enablers of competitiveness, the WEF said, flagging limited ICT (information, communications and technology) adoption, poor health conditions and low healthy life expectancy.

The country's dependence on commodity exports is also likely to hit its economic outlook, which it says will make cutting unemployment "challenging".

"Singapore notably ranks 124th on the Freedom of the Press Index", added the report, which also said the country lacked commitment to sustainability.

Vietnam made the biggest jump in the rankings to 67 from 77.

The WEF stated 10 years on from the realm financial crisis, the realm financial system remains locked in a cycle of low or flat productiveness dispute no subject the injection of more than United States dollars 10 trillion by central banks.

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