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Singapore Retains 2nd Spot As Most Competitive Economy In The World

Singapore once again ranked 2nd in the world as the country (trailing behind Switzerland) with the most competitive economy, according to the World EconomicForum’s (WEF) Global Competitiveness Report.

WEF looked at 144 countries and their economies with around 100 indicators. In the survey conducted, Singapore also emerged as Asia’s most competitive economy, ranking 3rd in seven categories out of twelve.

In the report, this year’s top ten most competitive economies in the world were dominated by European countries. Among the countries taking place in the list include Switzerland, Finland, Sweden, Netherlands, Germany and the United Kingdom. The United States ranked 7th place this year in the list. The United States, which ranked first for several years, fell to 7thplace due to the consequences of the financial crisis in the country past the past years. Meanwhile, Hong Kong jumped to 9th place from 11th place last year. Japan followed at 10th place, dropping from its 9th spot last year.

According to WEP, Singapore retained its ranking as a result of an outstanding performance across the entire Index. “Singapore also ranks first for efficiency of its goods and labour markets and places second in terms of financial market development. Singapore also has a world-class infrastructure with excellent roads, ports, and air transport facilities. In addition, the country’s competitiveness is reinforced by a strong focus on education, which has translated into a steady improvement in the higher education and training pillar in recent years, thus providing individuals with the skills needed for a rapidly changing economy,” WEP added.

Since 2004, the Global Competitiveness Report ranks countries based on the Global Competitiveness Index. The report assesses the ability of countries to provide high levels of prosperity to their citizens. This in turn depends on how productively a country uses available resources. Therefore, the Global Competitiveness Index measures the set of institutions, policies, and factors that set the sustainable current and medium-term levels of economic prosperity.

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