Singapore is now ranked as the world’s most competitive economy among 141 countries and regions, according to the World Economic Forum’s “Global Competitiveness Report 2019”.
This Report is the latest edition of the series launched in 1979 that provides an annual assessment of the drivers of productivity and long-term economic growth. With a score of 84.8 (+1.3) out of 100, Singapore is now the world’s most competitive economy, overtaking US, which fell to second place. Hong Kong SAR (3rd), Netherlands (4th) and Switzerland (5th) rounded up the top five.
Singapore headed the list in infrastructure, including road quality and the efficiency of its ports and airports. Singapore’s financial system and macroeconomic stability also raised its rating, while the report pointed out that “in order to become a global innovation hub, Singapore will need to promote entrepreneurship and further improve its skills base”.
Geopolitical and trade tensions are fuelling uncertainty and could precipitate a slowdown. However, the report said that some of the year’s better performers, including Singapore and Vietnam, appear to be benefitting from the trade war between China and the US.
Asia-Pacific is the most competitive region in the world, followed closely by Europe and North America. Hong Kong was the third most competitive economy worldwide, rising four places from last year, driven by improvements in its financial system. Vietnam showed the greatest improvement among countries and regions, rising 10 places to rank 67.