The Philippines has climbed a notch in Swiss business school International Institute for Management and Development’s (IMD) World Competitiveness Yearbook this year, despite the challenges brought by the COVID-19 pandemic.
The country is now ranked 45th out 63 economies surveyed by the IMD, from 46th spot in 2019.
The IMD ranking measures the capacity of a country to maintain an environment where enterprises can compete locally and internationally as it assumes wealth creation happens at the enterprise.
The ranking was evaluated using country measures such as unemployment, gross domestic product, public spending on health and education, and perception-based survey from business executives performed in the first quarter of 2020.
The Philippines is the only one among Southeast Asian countries, aside from Singapore, that improved its ranking year-on-year. (Source: GMA)