Singapore now 2nd in WEF’s Global Competitiveness Report

According to the World Economic Forum’s recently-released Global Competitiveness (GC) Report  2011-2012, Singapore is now the second most competitive economy in the world. Singapore has ousted Sweden to fill the second position, making it the only Asian economy in the top five list. It is also the most competitive Asian economy in a top ten list dominated by European economies. Switzerland came first place for the third time running. Although the US economy has been struggling with a debt crisis, it remains in the top five, after Finland at #4. Singapore’s economic “rival” Hong Kong stands in the 11th place while China climbs to the 26th place.

 

The GC report, which ranks 142 economies against 110 indicators and 12 pillars of competitiveness, aims to provide a comprehensive picture of a country’s competitiveness. According to a statement by WEF, countries are evaluated based on pillars such as the quality of their health and primary education, higher education and training, infrastructure, institutions, macroeconomic environment, financial market development, goods as well as labour market efficiency, technological readiness, market size, business sophistication and innovation.

 

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