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| The Philippines also slipped to 13th place from its 11th ranking in 2017 among 14 Asia-Pacific nations |
MANILA --- The Philippine economy experienced the most significant decline in the region in terms of competitiveness dragged by “worsening” tourism, employment, and public finances, as well as concerns about the country’s education system.
The
country fell nine notches to 50th spot out of 63 economies tracked in this
year’s World Competitiveness Ranking published by Switzerland-based business
school International Institute for Management Development.
Across
sub-factors, the country’s rank dropped in terms of economic performance,
government efficiency, business efficiency, and infrastructure.
In
2018, the IMD said among the key “challenges” for the Philippines are investing
in quality infrastructure, increasing investment in human capital, particularly
on health and education, and strengthening institutions.
The IMD
also pointed out that the Southeast Asian nation struggles with increasing
digital competitiveness and mitigating political risks.
“I
think that the Philippines has been booming as a country where large multi-nationals
can bring their global services like [information technology] or [human
resources],” Arturo Bris, director of the IMD World Competitiveness Center, was
quoted as saying in a report by BusinessWorld.
“But
compared to other countries like Indonesia and specifically Vietnam, it is lacking
appeal for foreign investors when it comes to establishing plans and operations
there,” Bris added.
The
United States returns to the first spot, followed by Hong Kong, Singapore, the
Netherlands, and Switzerland.
According
to the IMD, the return of the US to the top was driven by its strength in
economic performance and infrastructure.
“This
year’s results reinforce a crucial trait of the competitiveness landscape.
Countries undertake different paths towards competitiveness transformation,”
Bris said in a statement. (Ian Nicolas Cigaral, philstar.com / Google
News PH)
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