Philippines Moves Up In World Competitive Ranking
A report made by the Swiss Business School International Institute for Management Development (IMD) shows that the Philippines has climbed four spots in its global competitiveness. The IMD placed the Philippines at the 46th spot out of the 63 economies scored in 2019. It went up by four notches from 50th last year.
The improved ranking according to the IMD can be attributed to the solid economic performance supported by sustained real Gross Domestic Product (GDP) growth which was 6.2% in 2018 and the increase in the labor force and employment in the country.
The competitiveness was measured using four factors: economic performance, government efficiency, business efficiency, and infrastructure. The Philippines has improved in all four, according to presidential spokesperson Salvador Panelo. He added that there is emerging investor confidence in our country. This goes to show that our trade environment remains attractive and viable for foreign businesses.
Panelo also credited the strong and effective style of governance by President Rodrigo Roa Duterte, which strongly advocated the cutting down of red tape and promote ease in doing business. The administration has also begun implementing the nation’s most ambitious infrastructure program, the “Build-Build-Build”, which will boost the government’s strategy for sustained and inclusive growth. He further added that the Palace is optimistic that further improvements will take place.
Topping this year’s World Competitive Ranking is Singapore, with Hong Kong trailing behind at second spot and US on the third spot.