PHL competitiveness ranking up by one notch
|WCY 2015 Results|
The Philippines improved one notch to 41st from 42nd in the 2015 World Competitiveness Yearbook (WCY) ranking. Among Asia-Pacific countries, the Philippines climbed to 11th (out of 13 countries) after ranking 12th in 2014, overtaking Indonesia in the process. There are 61 countries covered in the study. Most other big emerging markets in the region fell in ranking such as Thailand (29th to 30th), Malaysia (12th to 14th), and Indonesia (37th to 42nd). Elsewhere in Asia, China rose from 23rd to 22nd, Singapore remained even at 3rd, and Japan dropped from 21st to 27th.
WCY measures four broad factors in measuring competitiveness – economic performance, government efficiency, business efficiency and infrastructure. It uses economic data from various international and national sources, as well as an opinion survey in generating over 250 criteria to assess and rank the competitiveness of nations.
The Philippines’ Economic Performance factor improved three places from 37th to 34th. GDP growth declined but remained steady at 6.1 percent, the fifth highest among WCY countries. The 66 percent Net FDI growth also contributed to this, as well as controlled inflation. Government Efficiency posted the largest increase in ranking among the factors—from 40th last year to 36th this year. Most of this improvement was accounted for by fiscal discipline. Debt-to-GDP ratio went down to 0.45 in 2014 – the lowest level in decades; while deficit as share of GDP stood at 0.57%, the lowest since 2007. Outstanding debt also grew by 1.1 percent last year, much slower than the 4.4 percent and 9.8 percent the previous two years. Business Efficiency ranking went up from 27th to 26th. Infrastructure, consistently the lowest-ranked factor for the Philippines, improved to 57th from 59th.
Overall this year, the United States retained its number 1 ranking, followed by Hong Kong (2nd), Singapore (3rd), and Switzerland (4th).
Since 1997, the AIM RSN Policy Center for Competitiveness (formerly AIM Policy Center) has been the Philippine partner institute of the International Institute for Management Development (IMD) for the annual release of the WCY. The Center’s analysis of this year’s WCY results is available at www.policy.aim.edu. For more information, contact AIM RSN Policy Center for Competitiveness via email at firstname.lastname@example.org or call at (02)892-4011 local 5105.
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