Philippines falls by four spots in global competitiveness ranking

The Philippines' business efficiency factor fell from 39th in 2022 to 40th in 2023, while its infrastructure factor, which it characterised as a perennial challenge for the Philippines, also dropped from 57th in 2022 to 58th in 2023. - AFP

MANILA (Philippine Daily Inquirer/Asia News Network): The Philippines dropped by four spots in the yearly global competitiveness report by the Switzerland-based International Institute for Management Development (IMD), amid a number of global uncertainties ranging from inflation to geopolitical issues.

According to the 2023 World Competitiveness Yearbook (WCY) by IMD, the Philippines ranked 52nd this year out of 64 countries included in the report, down four spots from 48th place last year.