If things continue like this, there is a great risk that our country's international competitiveness will decline further.
Literal
This-as-it-is [then-では] our-country [genitive-の] international competitiveness [topic-は] further decline do fear [subject-が] is-big.
Op-ed prose. このままでは ('if things continue as they are,' 'at this rate') is a set phrase used to frame a trajectory as leading to an undesirable outcome — a rhetorical opener for warnings and calls to action. ~恐れがある ('there is a fear/risk that X,' 'X is likely to happen [badly]') is a formal marker for a concerning probability — always used for negative outcomes, never positive ones. わが国 ('our country') is a slightly elevated self-reference for one's own nation, common in political/editorial writing but quaint or flag-waving in everyday speech. Together the sentence is classic cautionary op-ed phrasing.