Philippines drops markedly in global competitiveness ranking

The Philippines slipped seven spots to rank 52 out of 64 countries listed in the 2021 World Competitiveness Report, the latest annual ranking released by Switzerland-based business school International Institute for Management Development, or IMD.

It is the Philippines’ lowest ranking in five years and the steepest decline in Asia after the country’s economic performance slumped amid the COVID-19 pandemic.

The country still lags in the region, ranking 13th out of 14 Asia-Pacific economies.

Singapore took the highest spot among Asian economies at fifth place, followed by Hong Kong (7th), Taiwan (8th) and China (16th). At the 60th spot, Mongolia was the only Asia-Pacific economy behind the Philippines.

Within Southeast Asia, Malaysia was placed 25th, up two ranks, followed by Thailand on spot 28, up one rank, and Indonesia on spot 37, up three ranks. Other regional countries were not in the list.

Strengths and weaknesses

“This year’s results expose the strengths and weaknesses of the world’s economies under the litmus test of the COVID-19 pandemic and how economies that were caught most off guard with managing the health side of the pandemic were not necessarily those that suffered the most on an economic level,” the IMD said.

The report ranked a country’s competitiveness using indicators grouped under four factors: economic performance, government efficiency, business efficiency and infrastructure.

The Philippines’ performance declined after the economy slumped by a record 9.6 per cent last year, the IMD noted. The country implemented one of the world’s longest and strictest lockdowns, leaving many out of work and businesses struggling to survive.

High unemployment, poor economy

“[The Philippine] economic performance fell the hardest due to its poor domestic economy, international investment and employment which saw unemployment rates double from around five per cent to more than ten per cent. It has also suffered in its public finances and productivity of firms in the private sector,” the report said.

According to the IMD, the Philippine rankings dropped in three sectors, namely economic performance, government efficiency and business efficiency due to poorer performance in productivity, labour market, finance and management practices.

The country retained its poor infrastructure ranking at 59th for a third straight year, despite the government’s massive “Build, Build, Build” public infrastructure spending programme.

Switzerland took the top ranking overall in this year’s World Competitiveness Index, followed by Sweden, Denmark, and the Netherlands.



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The Philippines slipped seven spots to rank 52 out of 64 countries listed in the 2021 World Competitiveness Report, the latest annual ranking released by Switzerland-based business school International Institute for Management Development, or IMD. It is the Philippines’ lowest ranking in five years and the steepest decline in Asia after the country’s economic performance slumped amid the COVID-19 pandemic. The country still lags in the region, ranking 13th out of 14 Asia-Pacific economies. Singapore took the highest spot among Asian economies at fifth place, followed by Hong Kong (7th), Taiwan (8th) and China (16th). At the 60th spot, Mongolia...

The Philippines slipped seven spots to rank 52 out of 64 countries listed in the 2021 World Competitiveness Report, the latest annual ranking released by Switzerland-based business school International Institute for Management Development, or IMD.

It is the Philippines’ lowest ranking in five years and the steepest decline in Asia after the country’s economic performance slumped amid the COVID-19 pandemic.

The country still lags in the region, ranking 13th out of 14 Asia-Pacific economies.

Singapore took the highest spot among Asian economies at fifth place, followed by Hong Kong (7th), Taiwan (8th) and China (16th). At the 60th spot, Mongolia was the only Asia-Pacific economy behind the Philippines.

Within Southeast Asia, Malaysia was placed 25th, up two ranks, followed by Thailand on spot 28, up one rank, and Indonesia on spot 37, up three ranks. Other regional countries were not in the list.

Strengths and weaknesses

“This year’s results expose the strengths and weaknesses of the world’s economies under the litmus test of the COVID-19 pandemic and how economies that were caught most off guard with managing the health side of the pandemic were not necessarily those that suffered the most on an economic level,” the IMD said.

The report ranked a country’s competitiveness using indicators grouped under four factors: economic performance, government efficiency, business efficiency and infrastructure.

The Philippines’ performance declined after the economy slumped by a record 9.6 per cent last year, the IMD noted. The country implemented one of the world’s longest and strictest lockdowns, leaving many out of work and businesses struggling to survive.

High unemployment, poor economy

“[The Philippine] economic performance fell the hardest due to its poor domestic economy, international investment and employment which saw unemployment rates double from around five per cent to more than ten per cent. It has also suffered in its public finances and productivity of firms in the private sector,” the report said.

According to the IMD, the Philippine rankings dropped in three sectors, namely economic performance, government efficiency and business efficiency due to poorer performance in productivity, labour market, finance and management practices.

The country retained its poor infrastructure ranking at 59th for a third straight year, despite the government’s massive “Build, Build, Build” public infrastructure spending programme.

Switzerland took the top ranking overall in this year’s World Competitiveness Index, followed by Sweden, Denmark, and the Netherlands.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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