03 Jun 2019
Singapore ranks 1st as World's Most Competitive Economy
Singapore leapfrogged Hong Kong and the U.S. to take the top spot among the world’s most competitive economies for the first time in nine years.
The city state’s advanced technological infrastructure, availability of skilled workers, favorable immigration laws, and efficiency for starting businesses supported its rise to the No. 1 spot, the Switzerland-based IMD Business School said in its annual rankings.
“In a year of high uncertainty in global markets due to rapid changes in the international political landscape as well as trade relations, the quality of institutions seem to be the unifying element for increasing prosperity,” Arturo Bris, director of the IMD World Competitiveness Center that compiles the ranking, said in a statement.
The rankings, which started in 1989, assess 63 economies on 235 indicators. The gauges include hard data such as unemployment, economic growth and government spending on health and education, as well as soft data from a survey of international business executives on topics such as social cohesion, globalization, and corruption. The economies were judged in four categories: economic performance, infrastructure, government efficiency and business efficiency.