Switzerland ranks No.1 in World Competitiveness Ranking
In the latest Institute for Management Development (IMD) World Competitiveness Ranking 2021, Singapore now ranks as the fifth most competitive economy globally, while Switzerland took its place at the top. Sweden, Denmark and the Netherlands followed in second, third and fourth place on the ranking respectively.
Though not the first worldwide, Singapore still retains its place as the most competitive country in Asia, even as most Asian economies had declined in ranking.
China, however, jumped the most significantly among the Asian economies, moving up the ranks by four positions to emerge as 16th on the rankings.
This year's results expose the strengths and weaknesses of the world's economies under the litmus test of the Covid-19 pandemic and how economies that were caught most off guard with managing the health side of the pandemic were not necessarily those that suffered the most on an economic level, said IMD.
The IMD World Competitiveness Ranking, produced annually by the IMD World Competitiveness Center, ranks 64 economies via a mixture of hard data and survey responses from executives. It considers a number of factors when ranking economies, including economic performance, government efficiency, business efficiency and infrastructure.