PH SHOCKS THE WORLD: Tops Global Competitiveness Index of 140 economies
Many issues surged like storm in this country. But its resilience seems to never end for us. Now,
The Philippines has once again raised the bar by climbing 12 places in the Global Competitiveness Index 4.0 to 56th over 140 economies with its strengthening backbone of strong labor market and macroeconomic stability.
This developing country now landed as the fifth most competitive in the region leveling itself with prosperous ones like Singapore was second. On the other hand, Malaysia placed on the 25th, Thailand on the38th while Indonesia is on the 45th.
The Philippines performed best in market size (32nd) and labor market (36th), and also made good strides in terms of financial system (39th) and business dynamism (39th). Its macroeconomic stability was ranked 43rd among the 140 countries covered.
However, Manila continues to lag in institutions (101st), health (101st) and infrastructure (92nd). It was also in the lower segment of the study on cost of starting a business (97th) and time to start a business days (115th).
Companies integrating sustainability and innovation into their business models and harnessing the potential of technology to increase productivity are seen to be behind of what drives the continued growth of the Philippine economy according to experts.
There’s much that we can use from our resources to our benefit. We’re technically rich but are just often unwise with our decision in terms of engaging with the international community.
Nevertheless we can observe that the country is continuously building on our strong pillars, it is equally important to address our weak spots. The business community remains committed to work with the government to address these gaps, especially in our weakest links in ease of doing business, corruption incidence and infrastructure, particularly in road connectivity.
Despite this success, there still a lot to improve so we still need to work harder. Through this, we can achieve sustainable and constant growth.
This Global Competitiveness Report is an annual study by the World Economic Forum. Covering 140 economies, the report measures national competitiveness—defined as the set of institutions, policies and factors that determine the level of productivity.
These findings prove that despite our crises, we can have some sort of global competence when it comes to our economical standing. It also signifies that our situation is improvable and that we’re not the worst country after all.
For 3rd world countries like ours, there are lesser expectations. To our advantage, we can use it to silently work in progress and then shock the world when the time’s right. That is what makes us truly remarkable.
The past is dark but tomorrow will surely be brighter. This is what we Filipinos always remind to us and to others whenever they lose hope. This made us endure the worst and carried us through the right path.
In the end we face the world with heads up and we prove them that we are something and we can do something we can be proud of.