Annual rankings World competitiveness rankingscurrently in 32II 12 months, have been released unlocking a wealth of knowledge on the performance of 63 economies around the globe.
Singapore retained its top spot because the world’s best economy in the most recent edition of the IMD World Competitiveness Rankings.
The republic retained its top spot for the second 12 months in a row on an annual list of 63 economies that examines their ability to generate prosperity.
After Singapore, the highest five were Denmark, Switzerland, the Netherlands and Hong Kong.
A transparent pattern on this 12 months’s results, that are a mixture of hard data from 2019 and survey responses from early 2020, is the facility of smaller economies– the Institute for Management Development (IMD) based in Lausanne, Switzerland, said in an announcement Times of the Strait on Tuesday (June 16).
Arturo Bris, director of the IMD Global Competitiveness Center and professor of finance, says: “The benefits of small economies during the current crisis lie in their ability to fight the pandemic and in their economic competitiveness. Part of this may be because social consensus is easy to find.”
IMD noted that Singapore’s success aspects include its strong economic performance, which is driven by solid international trade and investment, employment and labor market indicators.
“Singapore is a small economy similar to Denmark and the Netherlands. Its rise to the top spot was largely due to the relative ease of starting businesses, availability of skilled labor and state-of-the-art technological infrastructure,” IMD said.
The stable performance of each Singapore’s education system and technology infrastructure – telecommunications, web bandwidth speeds and high-tech exports – also played a key role, he said.
The other Southeast Asian countries to make the highest 30 are Malaysia and Thailand. Malaysia has dropped five notches within the rankings and now ranks twenty seventh out of 63 countries.
Last 12 months, the report ranked Malaysia because the twenty second best economy on this planet, the identical position as in 2018.
The Swiss business school saw Malaysia’s government efficiency rating drop six places to thirtieth, business efficiency drop 11 notches to twenty ninth and infrastructure drop three places to thirty first.
However, Malaysia’s economic performance rating improved two places to ninth place.
Economists said StarBiz the IMD report reminded policymakers of the necessity to repeatedly improve the country’s performance to make sure it doesn’t lose out to countries which can be aggressively making improvements.
