Strength of Singapore economy
According to The Global Competitiveness Report 2012-2013, Singapore retains its position as the world’s second most competitive economy, bolstered by the strength of its infrastructure, public and private institutions and the efficiency of its markets.
The Report is the most comprehensive assessment of national competitiveness worldwide.
This year’s report shows that Switzerland tops the overall rankings for the fourth consecutive year. Singapore retains the second position with Finland in third position, overtaking Sweden (4th).
Singapore’s public and private institutions are rated as the best in the world for the fifth year
In a row, the Report said. The republic also ranked highest for the efficiency of its goods and labor markets, and placed second in terms of financial market development.
“Singapore also has world class infrastructure, with excellent roads, ports and air transport facilities,” the Report adds.
“In addition, the country’s competitiveness is reinforced by a strong focus on education, which has translated into a steady improvement in the higher education and training in recent years, thus providing individuals with the skills needed for a rapidly changing global economy,” the Report says.
However, Singapore ranks 11th in the innovation and sophistication sub-index, behind economies Switzerland, Japan and Sweden.
The Global Competitiveness Report assesses the competitiveness landscape of 144 economies, providing insight into the drivers of their productivity and prosperity.
Among the top 10 are the Netherlands, Germany and UK respectively ranked 5th, 6th and 8th. The United States comes 7th, Hong Kong 9th and Japan 10th.
The Report emphasizes persisting competitiveness divides across and within regions, as short-termism and political deadlock continue to hold back the economic performance of many countries and regions. Looking forward, productivity improvements and private sector investment will be keys to improving global economies at a time of heightened uncertainty about the global economic outlook.
Qatar reaffirms once again its position as the most competitive economy in the Arab world by moving up three places to 11th position globally, while Saudi Arabia and the UAE are ranked 18th and 24th, respectively, this year. Bahrain and Kuwait get 35th and 37th position, respectively.