MANILA – The Philippine economy is the 46th most competitive in the world this year, up 4 notches from 2018, according to the World Competitiveness Yearbook.
Singapore topped the list, dislodging the US, which was dragged down by higher taxes, dollar value fluctuations and weak technology exports, the report by the International Institute for Management Development (IMD) showed.
The improved ranking shows that the Philippines remains attractive to foreign investors, Presidential spokesperson Salvador Panelo said in a statement.
IMD measures a country’s competitiveness based on economic performance, infrastructure and government and business efficiency. The Philippines improved in all 4, Panelo said.
Hong Kong kept the number 2 spot. Switzerland was in fourth place, followed by the United Arab Emirates, the report showed.
The Swiss-based business school established the ranking in 1989. It takes into account statistics such as unemployment, gross domestic product growth as well as opinion surveys.