{"id":111492,"date":"2019-10-10T11:08:42","date_gmt":"2019-10-10T04:08:42","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-is-worlds-most-competitive-economy\/"},"modified":"2019-10-10T11:16:12","modified_gmt":"2019-10-10T04:16:12","slug":"singapore-is-worlds-most-competitive-economy","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-is-worlds-most-competitive-economy\/","title":{"rendered":"Singapore is world's most competitive economy"},"content":{"rendered":"


\nSingapore beat the US for the top spot, ranking first for financial system development, infrastructure and labour market functioning.\u00a0
\nSingapore emerged as the most competitive economy in the world \u2013 beating US \u2013 as it scored 84.8 points in the World Economic Forum\u2019s (WEF) 2019 Global Competitiveness Index, reported Singapore Business Review.
\nThis comes as the city-state ranked first in terms of financial system development, infrastructure and labour market functioning. It also received full marks (100) for health, while getting a near-perfect score for macroeconomic stability at 99.7.
\nWhile the country\u2019s score in every pillar is four to 19 points higher compared to the OECD average, WEF said Singapore can still improve its innovation as its score fell 15 points shy of the ideal score for innovation capability.
\n\u201cIn order to become a global innovation hub, Singapore will need to promote entrepreneurship and further improve its skills base,\u201d said the WEF report.
\nThe city-state also scored 80.4 for the quality of public institutions, placing it second to Finland. However, limited checks and balances undermined Singapore\u2019s performance.
\nWEF ranked Singapore 124th on the Freedom of the Press Index, and gave it a score of 63.5 for the country\u2019s lack of commitment to sustainability.
\nMeanwhile, US took the second spot as it shed two points to 83.7. But while its ranking declined, the country continued to be an innovation powerhouse as it ranked first in business dynamism and second for innovation capability.
\nJumping four places from last year, Hong Kong was ranked third with a score of 83.1. The Netherlands came in fourth, followed by Switzerland and Japan.
\nWEF identified East Asia and the Pacific as the world\u2019s most competitive region, followed by Europe and North America.
\nHowever, it noted that the region is also home to countries with significant competitiveness deficits like Cambodia and Laos, which were ranked 106th and 113th, respectively.
\nNeed help with your home buying\/selling\/renting process? Our\u00a0handy guides\u00a0will help.\u00a0Or find your dream home\u00a0on PropertyGuru.\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore is world’s most competitive economy<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore beat the US for the top spot, ranking first for financial system development, infrastructure...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-111492","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-t0g","jetpack-related-posts":[{"id":15874,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/will-the-next-successful-smart-city-be-in-southeast-asia\/","url_meta":{"origin":111492,"position":0},"title":"Will the next successful smart city be in Southeast Asia?","date":"June 8, 2016","format":false,"excerpt":"\r The region is embracing the \u201cFourth Industrial Revolution\u201d The Internet Of Things (Image from Pinterest) As the world moves on the cusp of the Fourth Industrial Revolution, it begs the question: Will it take root in Southeast Asia first? 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