The top three problems ailing the ASEAN nations

As we witness the historic 31st ASEAN Summit being held in our country, it is important that we understand the leading challenges that the regional and global leaders should confront. The latest figures released by the World Economic Forum's Global competitiveness Index, for 20162017, show that there are endemic problems that beset the ASEAN 10. We need to examine each of the 10 nations and see for ourselves the top three problems of each memberstate. From the most economically strong, which is Singapore, (overall second placer all over the world among 138 countries) to Cambodia, which is rated as 89th and Laos, PDR as 93rd among 138 national economies, we should focus on the Philippines which ranks 57th out of that 138.

The top three problems ailing Singapore are: Restrictive labor regulations, insufficient capacity to innovate, and inflation. Corruption is not one of its ten leading problems. Malaysia, which ranks 25th out of 138 national economies, faces the following problems: Access to financing, corruption, and inefficient government bureaucracy. Thailand gets a rank of 34 out of 138, and faces the following top problems: Government instability as first, inefficient government bureaucracy as second, and corruption as third. Indonesia, which is ranked as 41st out of 138, faces the following problems: Corruption as number one, then insufficient government bureaucracy, while third is inadequate infrastructure.

Vietnam is ranked as 60th out of 138 economies, and faces the following problems: Inadequately educated workforce as the first, and policy instability as the second, and tax regulations as third. Corruption is only number seven among its top ten problems. Cambodia is number 89 out of 138 countries and is facing the following top three problems: Inadequately educated workforce, inefficient government bureaucracy, and tax regulations. Laos PDR is assessed as 93rd out of 138 national economies, and it is confronted with the following top three problems: Inadequately educated workforce, access to financing, and poor work ethic among its labor force.

The Philippines is ranked as number 57 out of 138 national economies. It faces the following top sixteen problems: Inefficient government bureaucracy, inadequate infrastructure, corruption, tax rates, tax regulations, policy instability, restrictive labor regulations, inadequately educated workforce, crime and theft, access to financing, insufficient capacity to innovate, poor work ethic, government instability, inflation, foreign currency regulations and poor public health. These are scientific findings of a prestigious and nonpartisan global assessment body, using universally-accepted measures and criteria. Need we say more on these findings? We need to ponder on these and act accordingly.