Singapore beats USA in world competitiveness

  • Singapore beats USA in world competitiveness

Singapore beats USA in world competitiveness

Taiwan has claimed 12th place out of 141 economies in the Global Competitiveness Report 2019, edging up one slot from a year ago, according to a report released by the World Economic Forum (WEF).

Socioeconomic Planning Secretary Ernesto Pernia Jr said the government was taking steps to improve the Philippines' score, citing recent reforms such as the Ease of Doing Business Law. The new tool maps the competitiveness landscape of 141 economies through 98 indicators organized into 12 pillars.

"It ranks fourth within ASEAN, behind Singapore [first], Malaysia [27] and Thailand [40]", reads The Global Competitiveness Report 2019, released on Wednesday.

The Global Competitiveness Report, which is now in its 40th year, said the losing ground in measures such as "healthy life expectancy" and preparedness for the future skills needed in the 21st century.

The report also noted the country's edge in human capital, highlighting the good skills sets of graduates as well as the digital abilities of the population, as it maintained its rank at 67th.

Singapore overtook the United States to snag the title of the world's most competitive economy, as surveyed business leaders in the U.S. voiced concerns that the country is becoming less open to global trade.

In 2019, Singapore replaced the the country with the most competitive economy in the world.

It did not explain the reasons behind the changes in scores year-on-year for the Philippines.

Singapore pushed the U.S. to second place to top the 2019 list, which has Hong Kong in third place.

In particular, the Netherlands shares the lead for its macroeconomic stability and scores well on health and the quality of its infrastructure. Indonesia's score on innovation capability, which is listed under "innovation ecosystem", stagnated at 38, the clear laggard of the country's competitiveness. However, the small size of the market had a detrimental effect on Finland's ranking.