Singapore economy rated most competitive; US slips to third spot

Singapore's civic district seen in a photo taken on May 16, 2019.
Singapore's civic district seen in a photo taken on May 16, 2019.ST PHOTO: JASON QUAH

Singapore has jumped two places to become the world's most competitive economy, according to Swiss business school IMD.

This means that the Republic is believed to be the best place to achieve sustainable growth, generate jobs and boost citizen welfare.

Rounding up the top five alongside Singapore are Hong Kong, the United States, which placed first last year, Switzerland and the United Arab Emirates.

Among economies in the Asia-Pacific, Indonesia leapt 11 places to the 32nd spot, Thailand advanced five places to the 25th position, while Japan fell five places to rank 30th.

Venezuela remained at the bottom of the overall list.

The ranking, which started in 1989, evaluates 63 economies in four categories: economic performance, infrastructure, government efficiency and business efficiency.

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A version of this article appeared in the print edition of The Straits Times on May 29, 2019, with the headline 'S'pore economy rated most competitive; US slips to third spot'. Print Edition | Subscribe