Singapore remains 2nd most competitive economy in the world
GENEVA (REUTERS) -Singapore has maintained its position as the world's second most competitive economy, missing out on top spot to Switzerland which kept the title for the fourth year running, the World Economic Forum (WEF)said in its annual survey on Wednesday.
The study by the WEF, best known for running the annual meeting of world business leaders at the ski resort of Davos, ranks 144 countries by examining 113 indicators culled from official data sources and a poll of 15,000 executives who opine on the country where they do business.
Switzerland pipped Singapore to the top spot thanks to strong scores in areas such as innovation, labour market effiency and effective public institutions. The United States fell from fifth spot to seventh because of political and economic problems that detracted from its status as a global powerhouse of innovation, the study said.
"We see this development as a result of the growing macroeconomic imbalances in the country but also due to the political deadlock that has been augmenting the problem of macroeconomic imbalances," said Ms Margareta Drzeniek, a senior economist at the Geneva-based organisation.