PH takes 56th spot in global competitiveness index

Britain scored highly on diversity of workforce but still fell two places on the table of competitive economies

The World Economic Forum, which hosts the annual conference of global elites in Switzerland, said on Tuesday that the United States is the most competitive economy in the world.

United States led the index with an 85.6 score, folowed by Singapore at 83.5 and Germany at 82.8.

The country has fallen to 67 out of 140 countries, the World Economic Forum's (WEF's) "Competitiveness Report" for 2018-2019, released on Wednesday, showed.

India's rank rose by five places from 2017, the largest gain among G20 economies, the WEF said.

The last time the US topped the list was 2008.

In addition, the economy is an open one, which "is marked by forgiving cultural attitudes towards entrepreneurial failure, a great willingness to delegate authority, entrepreneurs who are willing to embrace disruptive ideas, and fast-growing innovative companies".

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The report ranks countries across 98 detailed indicators, under 12 specific drivers of productivity spread across four main sections: the enabling environment around business, human capital, markets and the innovation ecosystem. The top ten includes the Netherlands, Hong Kong, the U.K., Sweden, and Denmark.

Russian Federation topped the competitive table among Eurasian economies and came second behind China among the BRICS nations.

Importantly, the plan needs to demonstrate a strong sense of collaboration between the public and private spheres, the different sectors in the economy and with other economies, he said. "It ranks first overall in the world in three of our twelve pillars; business dynamism, labour markets and financial system".

The report measures national competitiveness - defined as the set of institutions, policies and factors that determine the level of productivity. "Only those economies that recognize the importance of the Fourth Industrial Revolution will be able to expand opportunities for their people".

The report also called on governments to implement more inclusive and redistributive tax policies, saying that "it is possible to be pro-growth and inclusive at the same time".

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