Switzerland, which ranked first in the World Economic Forum’s Global Competitiveness Index released just last week, has been topping the ranking for six years in a row. According to the report, the country scores highly on “nearly every pillar of competitiveness”. It would be wise to look at how they do things there.
National Competitiveness is defined as “the set of institutions, policies and factors that determine the level of productivity”.
The Index ranks 137 economies according to their ability to sustain inclusive growth—the kind that brings about positive change and benefits not just for the country’s citizens but also for the environment. The survey looks at 12 pillars of competitiveness, including innovation, infrastructure and the macroeconomic environment.
Switzerland’s citizens, for example, enjoy outstanding public health and education programs. Its businesses are innovative and sophisticated, reinforcing a resilient economy and strong labor markets. The Swiss and their industries are very open as well to new technologies and innovation, incorporating these as much as they can into their daily lives.
I remember having a conversation once with a Filipino friend who is based in Switzerland for half of every year. He was talking about the modern disaster and emergency facilities in Switzerland, which are a far cry from our own relocation centers and disaster-preparedness efforts. In a nutshell, what he told me was that Switzerland would be the best place in the world to be caught in a huge catastrophe. He said with a chuckle, your chances of survival would be much, much higher there.
Going back to the Index, the other countries after Switzerland are made up of five European and two Asian nations. Here they are, according to ranking: the United States, Singapore, the Netherlands, Germany, Hong Kong SAR, Sweden, the United Kingdom, Japan and Finland. For those who are curious, the Philippines is at No. 56, right behind such countries as Vietnam, Turkey, Thailand, Indonesia and India.
Generally, the world economy is doing much better now compared to about a decade ago when the economic crisis hit. Economic experts predict slow but steady growth, specifically pegging it at 3.5 percent for 2017. However, there are those who are not that optimistic, mainly due to the uncertainties and huge changes in the fields of technology and politics. In my opinion, it would probably be wise to add climate change and environmental uncertainty to this short list of risky areas.
We are at a time when global leaders have to think very hard about their countries’ political and economic policies. This is a time when mistakes can become very costly. Looking at trends in our own policy-making, implementation and sociopolitical realities, I see a huge room for improvement. It is a time for getting our act together, with grim consequences if we don’t.