Singapore beat United States, Hong Kong and Nethelands to the spot.
Just last year, Singapore was ranked behind United States in the WEF (World Economic Forum) Global Competitiveness Report, which evaluated countries along 12 basic pillars, including the strength of their institutions, capability for innovation and workforce skills.
The WEF also highlighted other focus areas beyond economic growth: Tackle the problem of inequality using inclusivity, and work together towards a sustainable environment.
The WEF is a Swiss non-profit organisation known for its high-profile annual meetings of top business leaders and politicians.
Countries are given scores from zero to 100, with 100 being the point at which the issue stops being a constraint to productivity growth.
There are up to 103 indicators surveyed or tracked by the WEF and aggregated to 12 pillars that determine the country’s competitiveness.
And on aggregate, Singapore scored 84.8, ahead of the United States, Hong Kong, the Netherlands, Switzerland and Japan. Despite falling short at 15 points from ideal, Singapore remains the best overall performer.
Singapore can do better if the following situations are improved.
- Promoting entrepuenership, and further enhance its skill base
- Having the freedom of press
- Narrowing the ratio gap of salaried women to men
- Ease of hiring foreign talent
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