Singapore continues to be the world’s third-most competitive economy in an annual ranking released by IMD World Competitiveness Centre, the Switzerland-based research group.
The US came in first, propelled by high rankings in the infrastructure and economic performance categories. The US has jumped from last year’s 4th position to displace Hong Kong, last year’s leader, which has since slipped to the 2nd spot.
The remaining countries in the top 5 were the Netherlands and Switzerland. The former moved up by one spot due to a “balanced” performance in all of the categories, whereas the latter dropped by 3 positions to be in 5th place with an export slowdown amongst contributing factors.
Moreover, both Hong Kong and Singapore have improved and are steadily closing the gap between them and the US in first place. However, the impact of Singapore’s continuous restructuring effort showed up in its considerably weaker performance on indicators such as the labour market, productivity and sentiment-related factors.