DPM Gan Kim Yong celebrates Singapore’s reclaiming most competitive economy in the world title

SINGAPORE: Singapore has been named the most competitive economy in the world yet again, a title it last held in 2024, but lost last year to Switzerland.

The International Institute for Management Development (IMD) has released the rankings for the World Competitiveness Yearbook 2026 on Thursday (June 18).

Deputy Prime Minister (DPM) Gan Kim Yong, who is also Singapore’s Trade and Industry Minister, celebrated this, writing in a LinkedIn post that he was “pleased to know that Singapore has risen to the top position.” 

The criteria for each country’s competitiveness are evaluated in terms of business efficiency, economic performance, government efficiency, and infrastructure.

DPM Gan noted that Singapore has done well when it comes to International Trade, Productivity & Efficiency, and Technological Infrastructure, and took the number one spot for Business Efficiency, doing so at a time of global volatility.

“As a small and open economy, it is critical that Singapore continues to get our economic fundamentals right. The Government will act decisively to bolster our economy, support our businesses, and help our workers stay nimble and adaptable to respond to new challenges,” he wrote, adding that the Government will also continue to strengthen the city-state’s economic resilience to keep the economy strong and create more opportunities for Singaporeans. 

The 2026 IMD World Competitiveness Ranking 

Singapore ranked first on the list in 2019 and 2020 before falling to fifth place in 2021. In 2022, the city-state took third place, before falling one spot to fourth in 2023. It took pole position again in 2024 and was last year’s number two.

This year, 70 economies were evaluated. Aside from ranking first for business efficiency, Singapore ranked third for economic performance and government efficiency, and fifth for infrastructure.

There were also several sub-categories where the city-state ranked well, including business legislation (3rd), public finance, tax policy, international investment, and health and environment (4th), and education (6th).

The areas where Singapore ranked lower were technological infrastructure (16th), finance (23rd), and attitudes and values (69th).

Commenters on LinkedIn celebrated together with and congratulated the Deputy Prime Minister.

One called it a “well-deserved recognition,” while another wrote, “Congratulations to Singapore and your administrative team.”

“Impressive to see Singapore reclaim the top spot, especially in today’s uncertain global climate. The strength in Business Efficiency really highlights how consistent policy, innovation, and public-private collaboration can translate into tangible competitiveness. A great benchmark for other economies navigating similar challenges,” a LinkedIn user commented. /TISG

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