Daily News

View All News

World – Singapore overtakes US as the most competitive economy, according to World Economic Forum

09 October 2019

Singapore has overtaken the US as the world’s most competitive economy, according to the World Economic Forums’ 2019 Global Talent Competitiveness Index.

The Index provides an annual assessment of the drivers of productivity and long-term economic growth. With a score of 84.8 (+1.3), Singapore is the world’s most competitive economy in 2019, overtaking the US, which falls to second place. Hong Kong (3rd), Netherlands (4th) and Switzerland (5th) round up the top five.

The index maps the competitiveness landscape of 141 economies through 103 indicators organised into 12 themes. Each indicator, using a scale from 0 to 100, shows how close an economy is to the ideal state or “frontier” of competitiveness.

The average across the 141 economies covered is 61 points, 39 points away from the “frontier”. The WEC states that this global competitiveness gap is of even more concern as the global economy faces the prospect of a downturn.

Singapore ranked high in pillars including Infrastructure (95.4), Health (100), Labour market (81.2), Financial system (91.3), and quality of public institutions (80.4).

Asia-Pacific is the most competitive region in the world, followed closely by Europe and North America.

Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, commented, “The report shows that those countries which integrate into their economic policies an emphasis on infrastructure, skills, research and development and support those left behind are more successful compared to those that focus only on traditional factors of growth.”

The report said it is crucial for economies to boost research and development, enhance the skills base of the current and future workforce, develop new infrastructure and integrate new technologies, among other measures.

Comments

Add New Comment

Post comment

NOTE: Links will not be clickable.