1 October 2016
Singapore is No. 2 for global competitiveness
The World Economic Forum (WEF) has launched its Global Competitiveness Report 2016.
The report finds that declining openness is threatening growth and prosperity. Monetary stimulus measures, such as quantitative easing are not enough to sustain growth and must be accompanied by competitiveness reforms. For emerging economies, updated business practices and investment in innovation are now as important as infrastructure, skills and efficient markets. Switzerland, Singapore and the US remain the world’s most competitive economies. The rest of the top 10 is dominated by European economies, with Japan and Hong Kong also featuring in 8th and 9th place respectively.
China, ranked 28th among the 139 economies covered by the report, remains top among the BRICS grouping. India has risen the highest, climbing 16 places in the last year, the WEF said. Bhutan was also highlighted for climbing up eight places compared to last year.
The report reflects the nomenclature used in previous reports.
According to the WEF, Singapore takes second place behind Switzerland for the sixth year in a row. Strong infrastructure, higher education and training, and goods market efficiency have contributed to the ranking.
Watch the video on the Global Competitiveness Report 2016-17
More on the top ten
Explore the interactive heatmap
Read the report