Most Competitive Economy In The World – Singapore
If we look at the recently updated global league table, Singapore has become one of the most competitive economies in the entire world. While competing with 141 different countries, it scored 84.8 points out of 100 and stood ahead of the United States as well. Note that, as per previous year’s stats, the US scored 83.7 to top the list.
World Economic Forum revealed that Singapore had achieved a higher rank in a surprising manner. This ranking was decided on the basis of 12 different assessment pillars. The great news is that Singapore stood high for two other pillars as well; they were labour markets and citizen’s life expectancy rates.
Chan Chun Sing, Minister for Trade and Industry recently said via Facebook that this ranking is definitely a great milestone for the country. He also added that it reflects the strong and effective economic fundamentals of Singapore from other competitors.
According to Sing, it is not possible to take things for granted in such an open and small economy. Singapore needs to work harder to maintain this top rank in the coming years as well.
In order to sustain the performance, Singapore needs to ensure that economy follows solid fundamentals, industries get positive transformations, enterprises show improved performance, and all the workers stay equipped with right skills to beat the competition.
Reports also reveal that Singapore has achieved good scores for macroeconomic stability, market efficiency and financial system pillar as well. The country was able to grab the second position for quality of public institutions; however, the first rank was achieved by Finland.
Other than this, for Freedom of the Press Index pillar, Singapore achieved 124thrank due to lack of commitment to ensure sustainability. It is believed that Singapore will now make more efforts to promote the entrepreneurship and skills to rank high in the innovation sector.
Previous year’s stats reveal that the US also performed better for trade openness and domestic competition. But this year, it had weaker performance; however, is still considered as a competitive economy among others. US achieved second rank in the innovation capability pillar while staying first in terms of business dynamism. It is considered as home to the most superior dynamic financial systems worldwide.
Hong Kong was able to lift its performance by four places and stood at third place this year. The territory is observed to score the first rank for four different pillars; they are macroeconomic stability, product market and financial system. However, the biggest weakness of this country is limited innovation capability.
Switzerland and Netherland were able to score in the list of top five competitive economies. If we compare with the previous year’s stats, Switzerland came down from one to the fifth point whereas Netherland was able to shift up by two spots.
It is important to note that the Global Competitiveness Report was first launched in the year 1979, and it is meant to provide annual assessment of drivers in the long term economic growth and productivity.