Philippines slips in World Economic Forum competitiveness ranking

The WEF said the healthy life expectancy where India has been ranked 109th out of total the 141 countries surveyed for the index is one of the shortest outside Africa and significantly below the South Asian average

The WEF said the healthy life expectancy where India has been ranked 109th out of total the 141 countries surveyed for the index is one of the shortest outside Africa and significantly below the South Asian average

The World Economic Forum has ranked Singapore in the top spot for global business competitiveness this year. Singapore's score increased 1.3 points to 84.4, taking over the top spot this year from the U.S., which saw its competitiveness score decline by two points to 83.7. It dropped to 6th from 5th in the ASEAN Region, according to the 2019 Global Competitiveness Index.

The Global Competitiveness Report, which is now in its 40th year, said the U.S.is losing ground in measures such as "healthy life expectancy" and preparedness for the future skills needed in the 21st century. "That 10-rank increase is in part because the economy has been able to use the current situation in terms of the trade war to attract some of the investments to be able to become a little bit more of a regional trading hub".

"The business community needs to be more responsible and innovative in its operations to help improve the country's social and economic goals", Chua said in a statement.

Poor digital and innovation competitiveness appeared to be undermining any progress as Indonesia's score on ICT adoption, which is listed under the "enabling environment" variable, dropped six points to 55, positioning the country at 72nd on ICT adoption out of 141 economies.

The accessibility of fiber optic broadband internet access also "remains the privilege of the few", the report added.

It did not explain the reasons behind the changes in scores year-on-year for the Philippines.

The Philippines' lowest rank was in the pillar of health at 102nd. It is also ahead of Hong Kong, the Netherlands, Switzerland, Japan, Germany, Sweden, the United Kingdom and Denmark, most of which are Organisation for Economic Co-operation and Development countries. On the USA, it noted growing uncertainty among business leaders and said trade openness has declined. However, the small size of the market had a detrimental effect on Finland's ranking.

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