Singapore has now overtaken the United States of America in having the most competitive economy. This is on a yearly ranking of 63 different economies by IMD World Competitiveness Centre. They are a research group based in Switzerland.
Singapore has been in the number one spot before, back in 2010. Returning to the top spot is because of various factors. This includes advanced technological infrastructure, favourable immigration laws, having available skilled labour, and efficient ways to establish new businesses.
In the four factors mentioned, Singapore successfully made it to the top five for three of them. They were third for government efficiency, fifth for economic performance, and fifth for business efficiency. With technological infrastructure, the small country ranked sixth place which is still quite good.
Other Leading Economies
The top 5 of the list are Singapore, Hong Kong, The United States of America, Switzerland, and the United Arab Emirates.
However, Asian economies have been performing quite well. This is shown by a majority of them moving up or maintaining their positions. Out of 14 Asian economies, 11 were successful in their economic competitiveness.
Indonesia successfully moved up eleven spots due to an increased efficiency in the government sector. Thailand has moved up five spots thanks to increased foreign direct investments and productivity.
We hope to see Malaysia hopping up the list too.