The Philippines ranked lower this year in World Economic Forum (WEF) Human Capital Index list which measures countries’ ability in making the most of economic potential among its population.
The Philippines has dropped one spot to the rank 50 among 130 economies included in the report. The country ranked 49th in WEF’s 2016 report.
This is the country’s consecutive drop from its ranking ever since its rise to the 46th spot in 2015.
The WEF Human Capital Index report uses four key areas of human developments in measuring countries: capacity, deployment, development, and know-how.
Photo credit: WEF
Capacity is determined by past investment in formal education, deployment is determined by learning and application of skills through work, development determined by the formal education of the next generation workforce and continued upskilling and reskilling of existing workers, and know-how is determined by the breadth and depth of specialized skills-use at work
The WEF Human Capital Index report also measures countries’ performance across five distinct groups of generations namely -14 years, 15-24 years, 25-54 years 55-64 years and 65 years and over.
The Philippines ranked 19th in capacity component, the highest rank of the country in the four key areas of human developments, after it received high grades in the areas of tertiary education.
However, the country ranked low in the deployment component after it ranked 87th because of weak labor force participation and low grades in the employment gender gap.
“Efforts to fully realize people’s economic potential – in countries at all stages of economic development – are falling short due to ineffective deployment of skills throughout the workforce, development of future skills and adequate promotion of ongoing learning for those already in employment,” WEF said in a statement.
Norway is the top country in the WEF global index, followed by Western countries Finland, Switzerland, US, Denmark, Germany, New Zealand, Sweden, Slovenia, and Austria.
Photo credit: weforum.org
Source: The Philippine Star
RELATED Philippines to lead Asian growth as workforces rise https://filipinotimes.net/news/2017/05/07/philippines-to-lead-asian-growth-as-workforces-rise/
Metro Manila ranks third as key hub for developers https://filipinotimes.net/top-stories/2017/01/15/metro-manila-ranks-third-as-key-hub-for-developers/
