Singapore

S’pore tops World Competitiveness Ranking but ranks 5th from last for cost of living

Singapore clinches top spot in IMD’s World Competitiveness Ranking featuring 67 economies

After three years, Singapore has reclaimed its spot as the most competitive country in the world, according to the latest IMD World Competitive Ranking.

Source: Mark Stoop on Unsplash

Following closely behind Singapore are Switzerland and Denmark, which came in 2nd and 3rd respectively.

The ranking takes into account four categories — business efficiency, government efficiency, infrastructure, and economic performance.

Despite strong showings across all the categories, Singapore came in 5th from last for the ‘cost of living’ sub-factor.

Singapore ranks 2nd for business and government efficiency categories in World Competitiveness Ranking

Singapore ranked fourth or better across all four categories:

  • ‘Economic Performance’: 3rd
  • ‘Government Efficiency’: 2nd
  • ‘Business Efficiency’: 2nd
  • ‘Infrastructure’: 4th

Source: IMD

Singapore also came in first for the sub-factors of ‘labour market’, ‘attitudes and values’, and ‘technological infrastructure’.

In the sub-factor of ‘management practices’ Singapore climbed 21 spots to achieve 2nd place.

Other sub-factors that Singapore came in 2nd for include:

  • ‘Government efficiency’
  • ‘International trade’
  • ‘International investment’
  • ‘Business legislation’

Ranked 5th from last for cost of living

Even though Singapore did well for most of the sub-factors, it came in 62nd — or 5th from last — for ‘prices’

Singapore had fallen 11 places compared to the previous year.

 

Speaking to The Straits Times (ST), Associate Professor Jamus Lim identified this as the “primary challenge for policymakers”, noting that it has impacted the country’s competitiveness and people’s confidence in the economy.

Also read: S’pore is the top Asian city to work in, job-seekers drawn to quality of opportunities: Report

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Featured image adapted from Mark Stoop on Unsplash

 

Amber Ang

Amber is an unapologetic fangirl and a huge Swiftie.

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