Singapore has retained second spot as the most competitive economy worldwide after Switzerland, according to the World Economic Forum’s (WEF) Global Competitiveness Report.
The survey, which looked at 144 global economies based on 100 indicators, also placed Singapore as Asia’s most competitive economy and in the top three in seven of 12 categories.
Singapore’s strong showing was mainly attributed to its outstanding performance across the entire index, noted the WEF.
Moreover, the city-state’s public and private institutions were ranked the best in the world for the fifth consecutive year. The goods and labour markets also took top honours, while both market development and infrastructure came second.
“The country’s competitiveness is reinforced by a strong focus on education, which has translated into a steady improvement in the higher education and training pillar in recent years, providing individuals with the skills needed for a rapidly changing global economy,” the report said.
However, Singapore went down to 44th place for local supplier quantity and is 42nd for control of international distribution.
Overall, Singapore placed among the top 10 for the majority of indicators but was ranked 76th on vulnerability of businesses to terrorism.
Meanwhile, Hong Kong went up to ninth spot with Japan following at number 10. China was ranked 29th, down from 26th place previously.