SINGAPORE remains the most competitive economy in Asia, and third in the world, according to the latest World Economic Forum's (WEF) competitiveness rankings published on Thursday.
It came in ahead of Japan and Hong Kong, both of which maintained their sixth and eleventh spots respectively.
Singapore took top spot for efficiency of goods and labour markets, and was lauded for its 'lack of corruption' and 'government efficiency'.
The WEF also gave top marks to the Republic for its strong focus on education, which 'provided individuals with the skills needed' for a rapidly changing global economy.
However, the report called for a 'stronger adoption of the latest technologies, as well as policies that enhance the sophistication of its companies' in order to strengthen its competitiveness further.
Switzerland maintained its lead on the index, while Sweden was placed second.
The United States fell from the top three spots to fourth place, with WEF pointing out that 'a number of escalating weaknesses have lowered the US ranking over the past two years'.
No comments:
Post a Comment