The World Economic Forum (WEF) Report has shown that Singapore has recently been made the third most competitive economy in the world. The report states that Singapore performed well however it is not a match for the world’s most innovative powerhouses.
Singapore is now in third place with a score of 5.71 in the rankings of 137 countries most competitive economies.
Switzerland stands to be the world’s most competitive economy and has been at the top of the list for 9 years in a row and received an overall score of 5.86. Following this, the USA was in second place with an overall score of 5.85 in the Global Competitiveness Report 2017-2018.
The Global Competitiveness Index assesses worldwide economies from a range of one to seven, with one being the worst result.
The WEF report analyses 12 distinct factors that sustain long-term prosperity and growth, such as infrastructure, labour market efficiency, health and primary education and macroeconomic environment. It also considers a survey of business leaders regarding the degree of the skills gap, the level of corruption in each economy and the drive for entrepreneurship.