Singapore rises to 3rd place in world competitiveness ranking

In Asia-Pacific, Lion city ranked first.

Singapore was named 3rd most competitive market in the world and first in the Asia-Pacific by the IMD World Competitiveness Center.

Under the IMD World Competitiveness ranking, markets are scored based on economic performance, government efficiency, business efficiency, and infrastructure.

In the abovementioned factors, Singapore placed 2nd (81.09 pts), 4th (87.63 pts), 9th (84.28 pts), and 12th (76.21 pts), respectively. Overall, Singapore scored 98.11, landing behind Switzerland (98.92, 2nd) and Denmark (100, 1st).

Last year, Singapore placed 5th overall.

To stay competitive, the IMD said Singapore must navigate challenges posed by external economic developments, including global supply chain disruptions and elevated energy and commodity prices.

The Lion City must likewise 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.

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