Singapore named the most competitive country in the world

SINGAPORE: Singapore has secured the top position in the 2024 World Competitiveness Yearbook released by the International Institute for Management Development (IMD).

This marks the second time since 2020 that Singapore has achieved the highest rank among 67 economies assessed in the report.

The IMD’s comprehensive evaluation covers eight global regions based on four key indicators: Government Efficiency, Business Efficiency, Economic Performance, and Infrastructure.

The annual ranking is renowned for its rigorous assessment of economies’ capacities to foster competitiveness through various strategic dimensions.

Singapore’s ascent to first place this year comes on the back of significant improvements in several areas:

• Government Efficiency: Singapore leapt from seventh place last year to second, reflecting an enhanced environment conducive to competitiveness through effective policies.
• Business Efficiency: The city-state improved from eighth to second place, highlighting notable advancements in enterprise innovation, profitability, and responsibility.
• Infrastructure: Moving up from ninth to fourth, Singapore showcased strengthened capabilities in technological, scientific, and human resources that meet the demands of business operations.
• Economic Performance: Singapore maintained a steady third position, indicating robust macroeconomic stability.

In the IMD’s specific evaluation categories, Singapore has led globally in terms of labour market conditions, attitudes and values, and technological infrastructure.

These strengths emphasize the nation’s readiness and adaptability in supporting economic activities and innovation.

According to the IMD report, Singapore’s compact size and strategic maritime location have significantly contributed to its competitive edge.

This geographic advantage facilitates efficient trade and economic activities, bolstering the nation’s overall competitiveness.

Arturo Bris, Director of the IMD World Competitiveness Center, noted:

“The best-performing economies balance productivity and prosperity, meaning they can generate elevated levels of income and quality of life for their citizens while preserving the environment and social cohesion.”

Despite the favourable ranking, the IMD highlighted potential challenges for Singapore, such as the need to harness opportunities and manage disruptions from emerging technologies like artificial intelligence.

The Ministry of Trade and Industry of Singapore also highlighted the importance of enhancing competitiveness while navigating an uncertain external environment amidst heightened geopolitical tensions and resource constraints.

In this year’s rankings, Singapore is followed by Switzerland and Denmark, which secured the second and third positions, respectively.

These countries exemplify the characteristics of highly competitive economies, achieving a balance between productivity and quality of life for their citizens. /TISG