The ranking is based on criteria which assess economic performance, government efficiency, business efficiency and infrastructure.
SINGAPORE: Singapore fell one rank to place fourth in a global competitiveness index of 64 economies this year.
However, the Republic performed well across other indicators, including coming in second in employment, fourth in international investment, and sixth in productivity and efficiency. The research highlighted that going forward, countries late to open up after the pandemic, including Thailand, Indonesia, and Malaysia are starting to see improvements in their competitiveness. In contrast, those early to open up are beginning to see a decline in ranking.Economies with agile governance and strong trade ties have been the most successful in the latest competitive index.
Prof Bris said that small countries allow for easier consensus between the private and the public sectors. He added that Singapore is strong in both physical and intangible infrastructure, particularly in areas of education and healthcare.
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