Vietnam, Cambodia, Brunei jump in competitiveness, Philippines loses out

Reading Time: 3 minutes
Auto Draft
Ho Chi Minh City skyline at night

The World Economic Forum (WEF)’s competitiveness ranking for 2019 is out and shows remarkable improvement for four Southeast Asian countries, namely Vietnam, Cambodia, Brunei and Singapore, while others declined.

The 2019 Global Competitiveness Report, which measures the strength of 103 key indicators, such as inflation, digital skills, institutions, macroeconomic stability, health, environment, human capital, markets, innovation and productivity across 141 countries, shows that Singapore has overtaken the US to become the most competitive nation in the world.

Singapore scored highly for its public sector, labour force, diversity and infrastructure. On life expectancy, Singapore was ranked number one, with newborn children expected to live until the age of 74.

But there were other, less developed countries in Southeast Asia which made remarkable improvement.

With a ten-notch jump, Vietnam now ranks 67 in the index 2019, being the country whose score improved the most globally. The nation scored better in all 12 pillars of the index, highest in human capital, macroeconomic stability, market size, ICT adaption and infrastructure.

“Vietnam used to be at 77 last year. This year, it’s at 67,” said Saadia Zahidi, head of the WEF’s Center for the New Economy and Society.

“That ten-rank increase is in part because the economy has been able to use the current situation in terms of the trade war to attract some of the investments to be able to become a little bit more of a regional trading hub,” she added.

Cambodia is another winner in this year’s index. The highest scores of the country were in macroeconomic stability, health, labour market and financial system. However, the county still lacks competitiveness in institutions, labour skills and innovation capability.

The fourth country that climbed in the index is Brunei, now scoring 56, a five-notch improvement. The strength of the small nation lies mainly in its health ecosystem, as well as in ICT adaption and macroeconomic stability. The report, however, sees improvement innovation capability, the financial system and in institutions, while the country also struggles with its small market size compared to its competitors.

On the downside, the Philippines slumped the most in Southeast Asia by eight notches to rank 64, more than troubled Venezuela with minus four notches, as a comparison. While the Philippines improved its score in institutions, it declined in infrastructure, ICT adoption and macroeconomic stability, according to the WEF.

On human capital, the Philippines improved on skills while it declined in health. On innovation ecosystem, it improved in innovation capability and declined in business dynamism. Improvements were measured in product market, labour market, financial system and market size, though.

Indonesia, the largest economy in Southeast Asia, was another loser, dropping five points to 50, primarily as a result of a stagnating performance in variables that include enabling environment, human capital, markets and innovation ecosystem. Indonesia scored highest in macroeconomic stability (under the “enabling environment” variable), as well as market size and business dynamism, while it dropped or at least stagnated in digital and innovation competitiveness.

Malaysia and Thailand dropped two points each to rank 27 and 49, respectively. Malaysia showed weaknesses in innovation capability, product and labour market, as well as in ICT adaption, while it scored fairly well in health, macroeconomic stability and infrastructure.

Thailand also keeps having issues with innovation capability, product market, ICT adaption, labour skills, as well as in the institution category. Macroeconomic stability, health and financial system scored best.

Laos performed worst in Southeast Asia in the competitiveness index, with the biggest problems being innovation capability, business dynamism, market size, ICT adaption and institutions. The country scores relatively well in macroeconomic stability and health, though.

Myanmar is not among the 141 surveyed countries this year. In earlier reports, it ranked lower than that.

WEF competitiveness ranking 2019 in Southeast Asia (global rank in brackets):

  1. Singapore (1) +1
  2. Malaysia (27) -2
  3. Thailand (49) -2
  4. Indonesia (50) -5
  5. Brunei (56) +6
  6. Philippines (64) -8
  7. Vietnam (67) +10
  8. Cambodia (106) +4
  9. Laos (113) -1
Auto Draft
Share your vote!


Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Ho Chi Minh City skyline at night The World Economic Forum (WEF)’s competitiveness ranking for 2019 is out and shows remarkable improvement for four Southeast Asian countries, namely Vietnam, Cambodia, Brunei and Singapore, while others declined. The 2019 Global Competitiveness Report, which measures the strength of 103 key indicators, such as inflation, digital skills, institutions, macroeconomic stability, health, environment, human capital, markets, innovation and productivity across 141 countries, shows that Singapore has overtaken the US to become the most competitive nation in the world. Singapore scored highly for its public sector, labour force, diversity and infrastructure. On life expectancy, Singapore...

Reading Time: 3 minutes

Auto Draft
Ho Chi Minh City skyline at night

The World Economic Forum (WEF)’s competitiveness ranking for 2019 is out and shows remarkable improvement for four Southeast Asian countries, namely Vietnam, Cambodia, Brunei and Singapore, while others declined.

The 2019 Global Competitiveness Report, which measures the strength of 103 key indicators, such as inflation, digital skills, institutions, macroeconomic stability, health, environment, human capital, markets, innovation and productivity across 141 countries, shows that Singapore has overtaken the US to become the most competitive nation in the world.

Singapore scored highly for its public sector, labour force, diversity and infrastructure. On life expectancy, Singapore was ranked number one, with newborn children expected to live until the age of 74.

But there were other, less developed countries in Southeast Asia which made remarkable improvement.

With a ten-notch jump, Vietnam now ranks 67 in the index 2019, being the country whose score improved the most globally. The nation scored better in all 12 pillars of the index, highest in human capital, macroeconomic stability, market size, ICT adaption and infrastructure.

“Vietnam used to be at 77 last year. This year, it’s at 67,” said Saadia Zahidi, head of the WEF’s Center for the New Economy and Society.

“That ten-rank increase is in part because the economy has been able to use the current situation in terms of the trade war to attract some of the investments to be able to become a little bit more of a regional trading hub,” she added.

Cambodia is another winner in this year’s index. The highest scores of the country were in macroeconomic stability, health, labour market and financial system. However, the county still lacks competitiveness in institutions, labour skills and innovation capability.

The fourth country that climbed in the index is Brunei, now scoring 56, a five-notch improvement. The strength of the small nation lies mainly in its health ecosystem, as well as in ICT adaption and macroeconomic stability. The report, however, sees improvement innovation capability, the financial system and in institutions, while the country also struggles with its small market size compared to its competitors.

On the downside, the Philippines slumped the most in Southeast Asia by eight notches to rank 64, more than troubled Venezuela with minus four notches, as a comparison. While the Philippines improved its score in institutions, it declined in infrastructure, ICT adoption and macroeconomic stability, according to the WEF.

On human capital, the Philippines improved on skills while it declined in health. On innovation ecosystem, it improved in innovation capability and declined in business dynamism. Improvements were measured in product market, labour market, financial system and market size, though.

Indonesia, the largest economy in Southeast Asia, was another loser, dropping five points to 50, primarily as a result of a stagnating performance in variables that include enabling environment, human capital, markets and innovation ecosystem. Indonesia scored highest in macroeconomic stability (under the “enabling environment” variable), as well as market size and business dynamism, while it dropped or at least stagnated in digital and innovation competitiveness.

Malaysia and Thailand dropped two points each to rank 27 and 49, respectively. Malaysia showed weaknesses in innovation capability, product and labour market, as well as in ICT adaption, while it scored fairly well in health, macroeconomic stability and infrastructure.

Thailand also keeps having issues with innovation capability, product market, ICT adaption, labour skills, as well as in the institution category. Macroeconomic stability, health and financial system scored best.

Laos performed worst in Southeast Asia in the competitiveness index, with the biggest problems being innovation capability, business dynamism, market size, ICT adaption and institutions. The country scores relatively well in macroeconomic stability and health, though.

Myanmar is not among the 141 surveyed countries this year. In earlier reports, it ranked lower than that.

WEF competitiveness ranking 2019 in Southeast Asia (global rank in brackets):

  1. Singapore (1) +1
  2. Malaysia (27) -2
  3. Thailand (49) -2
  4. Indonesia (50) -5
  5. Brunei (56) +6
  6. Philippines (64) -8
  7. Vietnam (67) +10
  8. Cambodia (106) +4
  9. Laos (113) -1
Auto Draft
Share your vote!


Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

NO COMMENTS

Leave a Reply