Philippine economy jumps 7 places in global competitiveness index

World Economic Forum’s (WEF) Global Competitiveness Index 2014-2015 says that Philippine economy jumped seven places, ranking 52nd among 144 economies for the given period.

“The results suggest that the reforms of the past four years have bolstered the country’s economic fundamentals,” says WEF report. “Indeed, the Philippines is the most improved country overall since 2010.”

“The recent success of the government in tackling some of the most pressing structural issues provides evidence that bold reforms can yield positive results relatively quickly.”

“The country is one of the best digitally connected developing Asian nations,” it added.

The Global Competitiveness Report ’s competitiveness ranking is based on the Global Competitiveness Index (GCI).

GCI scores are calculated by drawing together country-level data covering 12 categories – the pillars of competitiveness – that collectively make up a comprehensive picture of a country’s competitiveness.

The 12 pillars are: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.

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