Singapore ranked first on the list in 2019 and 2020 before falling to fifth place in 2021. Last year, the city-state was ranked third.
SINGAPORE: The International Institute for Management Development published the 2023 World Competitiveness Ranking earlier this month, showing that Singapore has slipped by one spot and is now ranked fourth.
Denmark has taken the pole position for the second year in a row, followed by Ireland and Switzerland, respectively. Following Singapore’s fourth-place ranking are the Netherlands , Taiwan , Hong Kong , Sweden , USA , and UAE .The report says that the economies in the top four spots “make good use of their access to markets and trading partners.”
The criteria for evaluating each nation’s competitiveness may be broken down as follows: business efficiency, economic performance, government efficiency, and infrastructure. This year’s results, evaluating a total of 64 economies, shine a light on how nations that were late to open up post-Covid-19 are beginning to see improvement, such as Thailand, Indonesia, and Malaysia, even as countries that did the opposite by opening early, such as Sweden and Finland, are now seeing declines in competitiveness.“A country’s ability to generate prosperity for its people is a key determiner of success.
“Navigating today’s unpredictable environment requires agility and adaptability. Countries which excel are building resilient economies, such as Ireland, Iceland, and Bahrain. Their governments are also able to adapt policies based on current economic conditions in a timely fashion. The UAE, Saudi Arabia, Qatar, and Singapore are also key examples of this,” says- Advertisement -
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