Singapore is world's most competitive economy: WEF

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In a difficult year for global trade and investors, Singapore has emerged as the world's most competitive economy, according to an updated global league table. It scored 84.8 out of a possible 100, beating the US to the top spot in the rankings of 141 economies. The last...

"Nevertheless, as a small and open economy, we cannot afford to take things for granted," he added. Singapore must persevere to stay ahead given the current economic uncertainties and equip its workers with the right skills, he said.

Singapore also scored well because of its financial system, market efficiency and macroeconomic stability. "Singapore notably ranks 124th on the Freedom of the Press Index - and lack of commitment to sustainability." CIMB Private Banking economist Song Seng Wun said that the latest ranking showed policymakers' strong will in making Singapore the preferred economy to do business in. But it is also a reminder of the constraints that Singapore has to learn to work with, he added.

 

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