The Philippines slipped seven notches in the global competitiveness ranking, the sharpest drop in Asia-Pacific and its poorest performance over the last five years, as the country’s mediocre pandemic response led to an economic deterioration, the worst in several decades.
Based on the World Competitiveness Ranking 2021 of Switzerland-based Institute for Management Development, the Philippines ranked 52nd out of 64 countries based on prosperity and competitiveness.
Last year, the Philippines ranked 45th. The 2021 ranking is the country’s worst performance since 2017.
In Asia-Pacific, the Philippines placed 13th out of 14 economies covered by the report. It also recorded the sharpest decline in the region.
The Philippines lagged behind its regional neighbors Singapore, Hong Kong, Taiwan, China, New Zealand, Australia, South Korea, Malaysia, Thailand, Japan, Indonesia and India, but stayed ahead of Mongolia.