S’pore Takes Over US As World No.1 Competitive Economy, According To World Economic Forum


Singapore Is Now World’s Most Competitive Economy, Says World Economic Forum

Move aside USA, we’re taking the wheel now.

According to a recently released scoring table from the World Economic Forum (WEF), Singapore is now the no.1 competitive economy in the world.

Previously, the United States of America held the spot, while we trailed behind at no. 2.

Source

This basically means Singapore’s economy is performing pretty good overall — when you consider such things as “infrastructure, stability, workforce skills, financial system, innovation capability, etc.”.

Below is a graph to give you a sense of what things are being measured.

Performance overview
Source

We scored 100 for Health and Macroeconomic Stability. Some of our other high-scoring aspects – above 80 – include:

  • Infrastructure
  • Financial System
  • Product Market
  • Labour Market.

Top in some areas, lacking in others

In terms of infrastructure and healthcare, Singapore is at the top.

This comes as no big surprise given the number of times our housing and healthcare systems have been praised.

We are, however, lacking in other areas like skills, business dynamism and innovation. These should give an indication of which areas of our economy we should be focusing on.

But seeing as how we ranked top 5 in majority of the pillars, that’s surely something to celebrate.

Not all of us may be happy with the government for certain policies or stances, but let us give credit where credit is due.

Featured image adapted from Flickr.

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