Singapore beats USA in world competitiveness

Marco Green
October 9, 2019

Taiwan has claimed 12th place out of 141 economies in the Global Competitiveness Report 2019, edging up one slot from past year, according to a report released by the World Economic Forum (WEF).

"Those countries which integrate into their economic policies an emphasis on infrastructure, skills, research, and development and support those left behind are more successful compared to those that focus only on traditional factors of growth", said Klaus Schwab, executive chairman of the World Economic Forum.

Pernia said Manila would "do what is needed to recover and move further up".

Hong Kong, the Netherlands and Switzerland rounded out the top five places in the rankings.

Singapore beat the USA into second place as the Asian city-state was recognized for its infrastructure, labor market and financial system development.

The forum released the Global Competitiveness Report this week, adopting a new methodology for measuring competitiveness by including indices which represents more knowledge and digital-based ecosystems.

Still, the US remains an economic powerhouse, ranking first on the business dynamism pillar and second in innovation capability. The country's macroeconomic stability rank also slid 12 notches to 55th from 43rd, with the report noting that the inflation rate of the country is just easing this year after it was at a nine-year high last year.

They found signs that the trade tiff has led some economies to benefit as businesses look for alternatives to China.

Globally, it suffered the biggest slump in the field of ICT adoption, ranking 88th from 67th and its rating, slipping from 54.8 to 49.7. The new tool maps the competitiveness landscape of 141 economies through 98 indicators organized into 12 pillars.

Zahidi said there's not enough information yet to assess the full impact of tariffs on competitiveness, but that the restrictive trade measures appear to be linked to a "downturn in business sentiment" that could bode badly for the global economy.

Other reports by Click Lancashire

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