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Singapore is world’s most competitive economy: World Economic Forum

Source | www.straitstimes.com

SINGAPORE – Singapore is the world’s most competitive economy, according to an updated global league table.

It scored 84.8 out of a possible 100, beating the United States to the top spot in the ranking of 141 economies.

The US, which topped the charts last year, scored 83.7.

“Singapore improves from an already high base,” the World Economic Forum said on Wednesday (Oct 9), adding that the country ranked first for infrastructure – one of the index’s 12 assessment pillars.

Singapore also was No. 1 for two of the index’s other pillars – citizens’ healthy life expectancy years and labour markets.

Minister for Trade and Industry Chan Chun Sing said on Facebook that the ranking was encouraging as it reflected how strong economic fundamentals here continue to distinguish Singapore from its competitors.

“Nevertheless, as a small and open economy, we cannot afford to take things for granted,” he added.

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