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Philippines maintains 52nd place in global competitiveness ranking

Business | Trade & Industry

Philippines maintains 52nd place in global competitiveness ranking

By Manila Bulletin

The Philippines has maintained its position at 52nd place out of 67 economies in the 2024 World Competitiveness report, mirroring its ranking from the previous year.

Positioned 13th among Asia-Pacific nations and 5th among ASEAN countries, the Philippines has shown resilience in the midst of various crises amid geopolitical uncertainties and global challenges.

Published annually by the International Institute of Management Development (IMD), the World Competitiveness Yearbook evaluated countries based on 256 criteria across four key factors.

They include Economic Performance, Government Efficiency, Business Efficiency, and Infrastructure.

This year's assessment considered both objective data and subjective opinions obtained through an Executive Opinion Survey of mid- and upper-level managers.

The 2024 report highlighted countries’ global challenges, such as inflation and conflicts in regions like Ukraine and the Middle East.

In the latest report, the Philippines has registered a decline in Business Efficiency, particularly in areas such as the Labor Market, Finance, Management Practices, and Attitudes & Values.

Infrastructure remains a persistent challenge for the country, with declines observed in Basic, Technological, Scientific, and Educational infrastructure.

On a positive note, Government Efficiency has shown improvement, with gains seen in Public Finance and Institutional Framework. Economic Performance has maintained its position at 40th place since the previous year.

Among the top-performing economies in the 2024 rankings are Singapore, Switzerland, and Denmark. Singapore leads the pack in the Asia-Pacific region, followed by Hong Kong and Taiwan.

Other ASEAN countries included in the report include Thailand, Indonesia, and Malaysia.

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