PHL down two notches in Switzerland’s IMD competitiveness report

Philippines was down two notches in the 2012 ranking of Switzerland-based global business school IMD in its annual World Competitiveness Yearbook released Thursday.

 

The Southeast Asian country fell to 43^rd  this year from 41st last year. Philippines still needs to attract more investments and develop its exports industry if it wants to improve its ranking, according to IMD.

 

The IMD rankings measure how well countries manage their economic and human resources to increase prosperity.

 

Philippines must improve its current business environment, mitigate disaster risks, strengthen public-private partnerships, and fast track the development of physical, institutional and social infrastructure, the report noted.

 

Among members of the Association of Southeast Asian Nations (ASEAN), the Philippines lags behind Singapore, Malaysia, Thailand, and Indonesia, the report showed.

 

Singapore was ranked 4th from 3rd in the same comparable period, Malaysia was 14th from 16th, Thailand was 30th from 27th, and Indonesia was 42nd from 37th.

 

Hong Kong, US and Switzerland were the most competitive of 59 economies ranked this year, according to the report.

 

Despite its setbacks, the US remains at the center of world competitiveness because of its unique economic power, the dynamism of its enterprises and its capacity for innovation, IMD noted.

 

“US competitiveness has a deep impact on the rest of the world because it is uniquely interacting with every economy, advanced or emerging,” it said. 

 

“No other nation can exercise such a strong “pull effect” on the world," Professor Stephane Garelli, director of IMD’s World Competitiveness Center, said in the report.

 

The most competitive European nations are Switzerland (3rd), Sweden (5th) and Germany (9th), IMD said.

 

"Meanwhile, Ireland (20th), Iceland (26th) and Italy (40th) look better equipped to bounce back than Spain (39th), Portugal (41st) and Greece (58th), which continue to scare investors," according to the report.

 

It said emerging economies are not yet immune to turmoil elsewhere. China slipped to 23rd from 19th, India 35th from 32nd, and Brazil 46th from 44th. —VS, GMA News