OTS - IMD World Competitiveness Ranking: Singapore topples United States as world's most competitive economy
2019. May 28. 20:10
Lausanne, Switzerland, 28 May, 2019 (APA/OTS) - Singapore has been
ranked as the world's most competitive economy for the first time
since 2010, according to the IMD World Competitiveness Rankings, as
the United States slipped from the top spot, while economic
uncertainty took its toll on conditions in Europe.
Singapore's rise to the top was driven by its advanced
technological infrastructure, the availability of skilled labor,
favorable immigration laws, and efficient ways to set up new
businesses. Hong Kong SAR held on to second place, helped by a
benign tax and business policy environment and access to business
finance.
The initial boost to confidence from President Donald Trump's
first wave of tax policies appears to have faded in the United
States, according to the ranking. While still setting the pace
globally for levels of infrastructure and economic performance, the
competitiveness of the world's biggest economy was hit by higher
fuel prices, weaker hi-tech exports and fluctuations in the value
of the dollar.
"In a year of high uncertainty in global markets due to rapid
changes in the international political landscape as well as trade
relations, the quality of institutions seem to be the unifying
element for increasing prosperity. A strong institutional framework
provides the stability for business to invest and innovate,
ensuring a higher quality of life for citizens," said Arturo Bris,
IMD Professor and Director of IMD World Competitiveness Center, the
research center which compiles the ranking.
Economists regard competitiveness as vital for the long-term
health of a country's economy as it empowers businesses to achieve
sustainable growth, generate jobs and, ultimately, enhance the
welfare of citizens.
The World Competitiveness Rankings, established in 1989 at IMD
business school, incorporate 235 indicators from each of the 63
ranked economies. The ranking takes into account a wide range of
"hard" statistics such as unemployment, GDP and government spending
on health and education, as well as "soft" data from an Executive
Opinion Survey covering topics such as social cohesion,
globalization and corruption.
Switzerland climbed to fourth place from fifth, helped by
economic growth, the stability of the Swiss franc and high-quality
infrastructure.
This year's biggest climber was Saudi Arabia, which jumped 13
places to 26th.
The top 10 countries are Singapore, Hong Kong SAR, USA,
Switzerland, UAE (up from 15th in 2016), Netherlands, Ireland,
Denmark, Sweden, and Qatar.
Venezuela remains anchored to the bottom of the ranking, hit by
inflation, poor access to credit and a weak economy.
- Picture is available at AP Images (http://www.apimages.com) -
About IMD business school: IMD is an independent business
school with Swiss roots and global reach. Focused on developing
leaders and transforming organizations, IMD designs and delivers
interventions that challenge what is and inspire what could be.
Media Contact/Interviews:
Lucy Jay-Kennedy
IMD business school, Head of Media Relations
Tel: +41 21 618 0811
Lucy.Jay-Kennedy@imd.org
Aicha Besser
IMD business school, Global Media Relations
Tel: +41 21 618 0507
Aicha.Besser@imd.org
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