The Switzerland-based research group IMD World Competitiveness Centre ranked Singapore as the world’s most competitive economy besting 63 other economies in a report released today (May 29).
Getting the top spot – its first time since 2010 – was due to an advanced technological infrastructure, the availability of skilled labour, favourable immigration laws and efficient ways to set up new businesses, the report said.
Out of the four major indicators that have been used to evaluate the economies, Singapore made it to the top five for three of them, namely economic performance (5th), government efficiency (3rd) and business efficiency (5th). For infrastructure, it was ranked sixth.
Staying true to the fundamentals
Singapore has been ranked as the world’s most competitive economy, according to the latest World Competitiveness…
Trade and Industry Minister Chan Chun Sing commented on the report through a Facebook post saying: “This is encouraging news, but we must persevere with our efforts to create opportunities for our people and businesses.”
For Singapore to be continuously progressive despite stiff competition, global shifts, and trade crises, the tiny state needs to continue to get its fundamentals in the right perspective and implementing things the right way.
The minister said that while Singapore cannot afford to compete on cost or size, it could focus on its connectivity, quality and creativity. The country will also need to leverage on its brand of trust and standards, and continue to be a safe harbour for partnerships and collaboration, Mr. Chan added.
In addition, Singapore has to continue to diversify its connections with more markets, remain open and continue to grow and develop talent, technology, data and finance flows.
“We must also enable our enterprises to boost their capabilities and scale up, while ensuring our workers are equipped with the skills – not just for today’s jobs, but the jobs of tomorrow too,” he said.
“The economic outlook may be uncertain, given the tensions over trade and protectionist sentiments, but there are still opportunities for us to seize together, so long as we continue to build upon what we have achieved and stay true to our fundamentals,” said Mr Chan.