The Philippines slipped seven spots in an annual global competitiveness report, the highest drop in Asia after its economic performance slumped amid the COVID-19 pandemic.
The International Institute for Management Development’s (IMD) 2021 World Competitiveness Report ranked the Philippines 52nd out of 64 countries, down seven spots from 45th last year. This is the Philippines’ lowest ranking in five years.
According to IMD, the Philippine rankings slipped in three of the factors — plunging to 57th spot from 44th in economic performance and falling three places to 45th in government efficiency. Business efficiency dropped four spots to 37th due to poorer performance in productivity, labor market, finance, and management practices.