IMD’s 2022 World Competitiveness Yearbook ranked the Philippines 48th out of 63 economies, from the 52nd spot out of 64 economies in 2021. This was the Philippines’ highest ranking in two years or since placing 45th in 2020. READ:
place. Overall productivity plunged to 57in 2021, which IMD said reflected the negative impact of the COVID-19 pandemic.
Foundation for Economic Freedom President Calixto V. Chikiamco in a mobile phone message attributed the higher ranking to the government’s better handling of the pandemic, fiscal management, strong foreign exchange reserves, and the continuing attractiveness of its workforce. Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the continued economic reopening increased business activity.
“Building on the gains of the previous administrations is imperative to cushion socioeconomic shocks and advance recovery, coupled with the continued widespread deployment of the national vaccination program,” Mr. Wittig said.
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