Metro Manila (CNN Philippines, June 20) — The Philippines saw its ranking decline by four notches in the yearly global competitiveness report by the International Institute of Management Development (IMD), amid elevated uncertainties such as inflation and geopolitical woes.
Based on the 2023 World Competitiveness Yearbook, the country fell to the 52nd spot out of 64 economies.For the Asia Pacific region alone, the Philippines remained a lagger at 13th place out of 14 economies for six straight years now.The weaker ranking of the Philippines was attributed to the decline posted for three out of the four main factors of competitiveness, the report said.— Business Efficiency factor dipped from 39th in 2022 to 40th in 2023— Infrastructure factor also fell from 57th in 2022 to 58th— Government Efficiency factor recorded the biggest decline, suffering a four-place drop from 48th to 52nd in 2023.The country’s Economic Performance factor, on the other hand, improved by 13 spots to 40th from 53rd last year.“Some of the challenges that the Philippines faces in 2023 include sustaining economic recovery and growth momentum amidst global downside risks, strengthening social protection and health care systems for inclusive development, addressing learning gaps to improve local education system, investing in sustainable infrastructure to reduce climate change vulnerability, and reinforcing efficient public management strategies to support fiscal responsibility,” IMD’s local partner Asian Institute of Management said in a statement.Meanwhile, the top three in the ranking are Denmark, Ireland, and Switzerland.
