Trade wars lose US its competitiveness top spot: WEF

In its latest assessment of the factors behind productivity and long-term economic growth the organization best-known for its annual gathering of the elit

The World Economic Forum has ranked Singapore in the top spot for global business competitiveness this year. The new tool maps the competitiveness landscape of 141 economies through 98 indicators organized into 12 pillars.

The forum released the Global Competitiveness Report this week, adopting a new methodology for measuring competitiveness by including indices which represents more knowledge and digital-based ecosystems. 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.

Vietnam made the biggest jump in the rankings to 67 from 77.

Taiwan is also on par with 33 other economies as the most competitive in terms of macroeconomic stability, the report shows.

Although the report noted that Germany was ranked Nr.

Rounding out the top 10 economies in the index were Hong Kong, the Netherlands, Switzerland, Japan, Germany, Sweden, the United Kingdom and Denmark.

On the 12 Pillars of Competitiveness, among 141 countries, Pakistan ranks at 107th on institutions, infrastructure (105), ICT adoption (131), stability (116), health (115), skills (125), product market (125), labour market (120), financial system (99), market size (29), business dynamism (52) and innovation capacity (79).

The Global Competitiveness Index uses manager surveys and country data to measure a range of areas, including finance, education, health and infrastructure.

Indonesia, the largest economy in Southeast Asia, scored 65 out of 100 in the competitiveness performance, a 0.3 point drop from the previous year, primarily as a result of a stagnating performance in variables that include "enabling environment", "human capital", "markets" and "innovation ecosystem".

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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