United States 'world's most competitive economy' according to World Economic Forum report

Trump delivers a speech during the World Economic Forum annual meeting in Davos

U.S. Returns To #1 In Economic Category For First Time Since 2008

The new version of the Global Competitiveness Index released Tuesday reported the Philippines got an overall score of 62 out of 100 points.

The WEF's "Global Competitiveness Index 4.0" is something of a departure from previous editions of the annual report, in that it has slightly changed its name and updated its methodology in order to - in the report's own words - reflect "the changing nature of economic competitiveness in a world that is becoming increasingly transformed by new, digital technologies".

However, the same report pointed out that the Philippines is one of the countries with notable problems linked to violence, crime or terrorism.

Amid Donald Trump starting trade wars across the globe, the World Economic Forum just unveiled the United States has reclaimed the crown as the most competitive country in the world. It added Philippine police are considered unreliable. The United States remained at No 1, followed by Singapore, Germany and Switzerland.

Under the previous format, simply called the Global Competitiveness Index, the USA was consistently in the top three but had not finished in top spot since 2008, with Switzerland topping the list for nine years in a row from 2008 to 2017.

India's rank rose by five places from 2017, the largest gain among G20 economies, the WEF said.

The Philippines also ranked low in terms of business dynamism, especially in the amount of time it takes to start a business, the cost of starting a business, and in insolvency recovery rates.

Importantly, the plan needs to demonstrate a strong sense of collaboration between the public and private spheres, the different sectors in the economy and with other economies, he said. The 98 indicators in the index this year were drawn from global organizations and a survey of company executives; it largely reflected long-term policies such as investing in digital skills.

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