"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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