The ranking of the Philippines this year in the Global Competitiveness Index has improved by six notches bringing the country to 59th place from 65th in 2012. The annual ranking is undertaken by the World Economic Forum (WEF) which analyzes 144 economies and identifies the key strengths and weaknesses of each economy.
The Philippines now belongs to the top 40% of the world’s economies in terms of competitiveness, having improved in various areas such as Innovation, Institutions of Governance, Financial Market Development, etc.
The WEF report cited the Philippines as “one of the most dynamic and rapidly improving economies in terms of competitiveness,” ranking the country 6th out of 10 ASEAN economies.
Similarly, the Philippines’ ranking rose in seven global indices on competitiveness released in the past 10 months. These indices include the IMD World Competitiveness Yearbook, Transparency International’s Corruption Perception Index, Economic Freedom Index, the Global Innovation Index, and the WEF Travel and Tourism Competitiveness Index, among others.
