Singapore takes the lead

Most competitive country according to WEF

Gwen Kaufmann - Wednesday, October 30, 2019    

Singapore has overtaken the US to become the most competitive country
Photo: Coleen Rivas on Unsplash

Singapore has overtaken the US to become the most competitive country. With a score of 84.8 it ranks first in the annual World Economic Forum (WEF) Global Competitiveness Index, With a score of 84.8 (+1.3), Singapore is the world's most competitive economy in 2019, overtaking the United States, which falls to second place. Hong Kong SAR (3rd), Netherlands (4th) and Switzerland (5th) round up the top five. The report that is based on a survey of 13,000 business executives shows that those countries with a holistic approach to socio-economic challenges, look set to get ahead in the race to the frontier. It reveals an average across the 141 economies covered of 61 points. This is almost 40 points short of the "frontier". Some of this year's better performers appear to be benefiting from global trade tensions through trade diversion, including Singapore (1st) and Vietnam (67th), the most improved country in 2019. Most competitive region in the world is Asia-Pacific, followed closely by Europe and North America. While the United States may have lost out to Singapore overall, but it remains an innovation powerhouse, ranking 1st on the business dynamism pillar, 2nd on innovation capability, and 1st for finding skilled employees. (kf)

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Markets | Practice | Singapore | World Economic Forum | WEF | Global Competitiveness Index | global | worldwide | United States | ranking