by: Sarah Joson
Thursday, October 1, 2015 |
The World Economic Forum recently released the 2015-2016 Global Competitiveness Index where it was revealed that the Philippines climbed five notches, from the 52nd spot out of 144 countries last year to 47th this year among 140 countries.
The criteria for WEF’s competitiveness index are based on how organizations, policies, and other factors impact the output of a country, and the Philippines ranked the highest for macroeconomic environment, market size, and business sophistication.
However, the country needs to improve its infrastructure, labor market efficiency, and goods market efficiency.
As for emerging and developing Asian economies, the study indicated that competitiveness is moving towards the positive side, even if challenges and intra-regional disparities are present.
It also found that Asian countries in the South including Mongolia are lagging behind, while China and majority of the Southeast Asian countries performed well. Five members of the Association of Southeast Asian Nations (ASEAN) namely Malaysia (18th), Thailand (32nd), Indonesia (37th), the Philippines (47th), and Vietnam (56th) - made it to the top half of the overall WEF rankings.
The WEF report also indicated that globally, inhibited economic and productivity growth and high unemployment are creating more challenges for economies and could lead to another economic meltdown.
We can help you understand the possibilities. Reach out to us today.