At the World Economic Forum’s global competitiveness index, Indonesia’s ranking fell five places in 2019 to 50th out of 141 economies, while Singapore overtakes the United States globally as the most competitive country.
Indonesia, the biggest economy in Southeast Asia, got 65 out of 100 in the competitiveness show, a 0.3 point drop from last year, mostly as an outcome of stopping performance in aspects that includes “enabling environment,” “human capital,” “markets” and “innovation ecosystem.”
“It ranks fourth within ASEAN, behind Singapore [first], Malaysia [27th] and Thailand [40th],” read The Global Competitiveness Report 2019, published on October 9. Singapore’s score went higher from 1.3 points to 84.4, overtaking the top spot this year from the US, which saw its competitiveness score go down by two points to 83.7.
Reduced digital and innovation competitiveness were seen to be weakening any progress as Indonesia’s score on ICT adoption, which is listed under the “enabling environment” category, dropped six points to 55, taking the country at 72nd on ICT adoption out of 141 countries. Indonesia’s score on innovation capacity, which is stated under the “innovation ecosystem,” stopped at 38, the clear stagger of the country’s competitiveness.
Indonesia scored the most in macroeconomic stability at 90, getting it the 54th rank, as well as the market size and business dynamism. Indonesia’s market size scored 82, seventh of 141 economies in the study, while business dynamism got 70, earning the country the 29th spot.
“Indonesia shows off a vibrant business culture and a sustainable financial system – both of which are better than 2018—and a great rate of technology adoption, considering the country’s state of development and that the quality of access remains relatively down.