Singapore is world's 3rd most competitive market

The country jumped two places from last year's ranking.

Singapore has bounced back in IMD's World Competitiveness Ranking, jumping two places to third place in this year's list.

In Asia-Pacific, the Lion City ranked first in competitiveness.

The country also ranked high across the four-factor rankings namely economic performance (No. 2), government efficiency (No. 4), business efficiency (#9), and infrastructure (#12).

According to the study,  Singapore’s recovery stems from strong improvements in the following sub-factors: Domestic Economy (1st from 15th), Employment (3rd from 18th), Public Finance (6th from 12th), and Productivity and Efficiency (9th from 14th). 

Singapore also gained in the Business Legislation (2nd from 3rd) and Education (6th from 7th) sub-sectors, contributing to its recovery in the overall rankings.

On the flip side, Singapore saw declines in the Societal Framework (17th to 22nd), Labor Market (4th to 12th) and Attitudes and Values (9th to 12th) sub-sector.

It also ranked low in Management Practices (14th) Scientific Infrastructure (16th) and Health and Environment (25th). 

To further improve its competitiveness this year, IMD said Singapore should support the economic recovery of sectors that continue to be affected by the COVID-19 pandemic; help businesses transition towards a low-carbon future; and ensure that workers continuously develop new skills and sharpen existing ones to meet labour demand in growth sectors.