PH takes 56th spot in global competitiveness index

Trump delivers a speech during the World Economic Forum annual meeting in Davos

In the annual ranking of competitiveness, which is made up of experts of the world economic forum (WEF), Germany ranked third after the United States of America and Singapore.

The US earned top spot on its market size, stability and innovation ecosystem - including idea generation, entrepreneurial culture, openness and agility. Zahidi noted that the USA competitiveness was marred only by the country's low score in terms of participation by women in the labor force, where it ranked 37th, as well as 40th place in terms of press freedom.Meanwhile, Singapore's strengths were in the areas of infrastructure and product market, both pillars in which it was top ranked.

The WEF ranks 140 world economies according to 12 "pillars", or factors that measure economic readiness.

The country was ranked lowest in product market at 102nd, business dynamism at 101st and skills at 97th.

With the financial system pillar, Ghana experienced a general increase in scores of some indicators from 2017 such as financing of SMEs and venture capital availability but these scores on a scale of 0-100 were low. "To what extent are they able to embrace change and adapt to change and upgrade their economies?" It is a full six years behind Singapore and Japan, the report found. Switzerland is ranked first in terms of the ability to reskill and retrain its workforce, while Germany is supposedly the best when it comes to mastering the innovation process in business. The organisation assessed a variety of metrics, including infrastructure, information and communications technology, macroeconomic stability, health, skills and labor market.

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Centre for Policy Dialogue (CPD), the local partner of WEF, released the report at a press briefing at CIRDAP auditorium in Dhaka.

"At a time of escalating trade tensions and a backlash against globalisation, the report also reveals the importance of openness for competitiveness", it explained.

In contrast, the United States in 2016 ranked 43rd with an average lifespan of 78.7 years.

The Global Competitiveness Report for 2018 showed that the US economy is closer to the "ideal state" than any other country.

"I foresee a new global divide between countries who understand innovative transformations and those that don't", he said in a statement. Hopefully, we will see more business-government-academe linkages to support the growth of priority sectors. Thus, while few governments have begun to plan for the impact of the fourth industrial revolution, the majority of global economies are ill-prepared for rapid advances in technology.

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