WASHINGTON – The Philippines is inching its way up in the global competitiveness rankings, according to a Global Competitiveness Report of the World Economic Forum (WEF).

It is ranked 71st among 131 countries in the 2007-2008 Global Competitiveness Report, up from 75th place the previous year. In the 2005-2006 period the Philippines ranked 77th among 117 countries.

The United States topped the overall rankings this year followed by Switzerland, Denmark, Sweden, Germany, Finland and Singapore, respectively.

The rankings are calculated from publicly available data and a comprehensive annual survey conducted by the World Economic Forum together with its network of leading research institutes and business organizations.

This year more than 11,000 business leaders were polled in 131 countries.

The Philippines received a Global Competitiveness Index (GCI) score of 3.99 out of a possible 7.00, fractionally better than the 3.98 it got the previous year.

Of the 12 measurable indices which make up the GCI, the Philippines ranked 24th among the 131 economies in market size, 55th in business sophistication, 62nd in higher education and training and 64th in goods market efficiency.

Countries in the Association of Southeast Asian Nations ahead of the Philippines in the rankings were: Singapore (in 7th place with a GCI score of 5.45), Malaysia (21st, 5.10), Thailand (28th, 4.70) Indonesia (54th, 4.24) and Vietnam (68th, 4.04).

Cambodia came in 110th place with a GCI of 3.48. Brunei, Laos and Myanmar were not rated.

As the 71st most competitive country in the world, the Philippines was ranked ahead of countries like Brazil (72nd), Egypt (77th), Argentina (85th), Pakistan (92nd) and Venezuela (98th).

At the bottom of the rung was Chad with a GCI score of 2.78.

The WEF in a press statement on Wednesday said its annual competitiveness report series has evolved over the last three decades into the world’s most comprehensive and respected assessment of countries’ competitiveness, offering invaluable insights into the policies, institutions and factors driving productivity.

This year’s report features a record 131 economies, accounting for more than 98 percent of the world’s GDP.