Philippines ranked 48th out of 63 in World Competitiveness Ranking

·Senior Editor
·1 min read
An aerial view shows the Ortigas business district in Pasig City, Philippines, June 10, 2022. Picture taken with a drone. REUTERS/Adrian Portugal
An aerial view shows the Ortigas business district in Pasig City, Philippines, June 10, 2022. Picture taken with a drone. REUTERS/Adrian Portugal

The Philippines has been ranked 48th out of 63 countries and territories in a comprehensive annual report that ranks countries according to their economic competencies.

In the 2022 Institute for Management Development (IMD) World Competitiveness Ranking (WCR), the Philippines climbed four places from its 52nd ranking in 2021, finishing bottom among its peers in the Asia-Pacific.

Denmark claimed top spot, pushing Switzerland down to 2nd. They were followed by Singapore - up from 5th in 2021 - Sweden and Hong Kong.

In the Asia-Pacific, Hong Kong was ranked fifth, while Taiwan and China finished 7th and 17th. Malaysia (32nd), Thailand (33rd) and Indonesia (44th) all finished well out of the top 20.

INFOGRAPHIC: WCR 2022
This is how the Philippines performed across four key sectors, out of 63 countries in the 2022 World Competitiveness Ranking (INFOGRAPHIC: WCR 2022)

Produced by the IMD World Competitiveness Center, the 2022 WCR measured 63 economies’ economic competitiveness based on comprehensive research using economic literature, international, national and regional sources and feedback from the business community, government agencies and academics.

The WCR then considered 333 competitiveness criteria across the four factors of economic performance, government efficiency, business efficiency and infrastructure.

According to the WCR, these will be the key challenges for the Philippines in 2022:

  • Implementing effective post-pandemic economic recovery strategies while strengthening fiscal responsibility

  • Regaining lost momentum in poverty reduction and inclusive economic development

  • Promoting innovative governance and a smooth post-election transition of power

  • Building resilient and future-ready health and education systems

  • Investing in sustainable infrastructure and reducing climate change vulnerability

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