Economy

Singapore, United States lead world's most competitive economies

Singapore, United States lead world's most competitive economies”

It placed 56th in the 2018 edition of the report.

The United States no longer ranks as the world's most competitive economy in the world, according to a new report published by the World Economic Forum on Tuesday.

Japan fell one spot to sixth. It is less competitive in areas of information and technology (ICT) adoption at 8th place, infrastructure, also at 8th, and health at 7th.

"The business community needs to be more responsible and innovative in its operations to help improve the country's social and economic goals", Chua said in a statement. Except for high redundancy costs, the country's labor market policies such as work and management relations and labor mobility had better ratings than its neighboring countries, the report said.

"For example, Vietnam used to be at 77 past year".

Taiwan is also on par with 33 other economies as the most competitive in terms of macroeconomic stability, the report shows. The report noted a decrease in the country's life expectancy to 65.6 years old, from 67.6 years last year.

Authors say it's too early to fully assess the impact of some of the operative factors in the world economy over the previous year, notably rising trade tensions between the USA and China that's led to tariffs on hundreds of billions of dollars' worth of goods imposed.

With an overall ranking of 110, Pakistan was at 110 for institutions; 105 for infrastructure; 131 for ICT adoption; 116 for macroeconomic stability; 115 for health; 125 for skills; 126 for product market; 120 for labour market; 89 for financial system; 29 for market size; 52 for business dynamism; and 79 for innovation capacity.

Singapore topped all 141 economies based on productivity, overtaking the United States.

The Global Competitiveness Index (GCI) 4.0 provides a detailed map of the factors and attributes that drive productivity, growth and human development in the era of the Fourth Industrial Revolution, reads the press release.

The Makati Business Club is the Philippine partner-institute of WEF, providing the expert opinion survey that was used in the report.



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