The Philippines saw its competitiveness ranking across the world drop by four places amid global concerns such as inflation, public health crises, and geopolitical issues, according to Switzerland-based Institute of Management Development (IMD).
The Philippines saw its competitiveness ranking across the world drop by four places amid global concerns such as inflation, public health crises, and geopolitical issues, according to Switzerland-based Institute of Management Development .
Governments, it said, need to provide an environment characterized by efficient infrastructures, institutions, and policies that encourage sustainable value creation by enterprises. “Some of the challenges that the Philippines faces in 2023 include sustaining economic recovery and growth momentum amidst global downside risks, strengthening social protection and health care systems for inclusive development, addressing learning gaps to improve local education system, investing in sustainable infrastructure to reduce climate change vulnerability, and reinforcing efficient public management strategies to support fiscal responsibility,” the Asian Institute of Management said...
The country’s Business Efficiency factor dropped from 39th in 2022 to 40th in 2023 while its Infrastructure factor, which continues to be a perennial challenge for the Philippines, also dropped from 57th in 2022 to 58th in 2023. In the Asia-Pacific region, the Philippines stayed at 13th place out of 14 economies for six consecutive years.
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