{"id":39107,"date":"2019-10-18T17:25:17","date_gmt":"2019-10-18T09:25:17","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/?p=39107"},"modified":"2026-05-07T20:25:19","modified_gmt":"2026-05-07T12:25:19","slug":"singapore-is-the-worlds-most-competitive-economy","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/regulatory-and-business\/singapore-is-the-worlds-most-competitive-economy\/","title":{"rendered":"Singapore is the World\u2019s Most Competitive Economy"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text css=””]<\/p>\n

Singapore is the World\u2019s Most Competitive Economy: World Economic Forum Global Economic Competitiveness Report<\/h2>\n

\"SingaporeFor more than 40 years, the World Economic Forum<\/a> has been assessing countries’ long-term competitiveness in terms of economic growth and productivity. National competitiveness, as defined by the World Economic Forum (\u201cWEF\u201d), is \u201cthe set of institutions, policies, and factors that determine the level of productivity.” A competitive economy is a productive economy because productivity drives economic growth and leads to improved well-being. WEF\u2019s flagship Global Economic Competitiveness Report provides deeper understanding into the economic components of countries, thereafter uncovering various potential policy options to achieving a balance between growth, inclusion and sustainability.<\/p>\n

 <\/p>\n

Singapore Came Ahead of the U.S. And Ranked First on Seven Pillars<\/h3>\n

WEF has crowned Singapore as the World\u2019s Most Competitive Economy, WEF\u2019s 2019 Global Economic Competitiveness Report assesses multiple components including \u2018total factor productivity\u2019 in 141 economies (which account for 99% of the world\u2019s GDP) through 103 indicators that shape a country\u2019s productivity. The 103 indicators could be grouped into 12 pillars: institutions, infrastructure, Information and communications technology adoption, macroeconomic stability, health, skills, product market, labour market, financial system, market size, business dynamism, and innovation capability.<\/p>\n

As the world\u2019s most competitive economy, Singapore came ahead of the U.S., Hong Kong, Netherlands, and Switzerland. Holistically, Singapore performed well across macroeconomic stability, infrastructure, innovation capability and labour market. Singapore did supremely well and was ranked first on seven pillars: infrastructure, efficiency of seaport and airport services, sea transport connectivity, health, labour market, and financial system. It also achieved a near full score for macroeconomic stability. Although the U.S. fell to second place behind Singapore, it remains an \u201cinnovation powerhouse\u201d ranking first in business dynamism and second in innovation capability.<\/p>\n

 <\/p>\n

Asia-Pacific\u00a0is Now the Most Competitive Region in the World<\/h3>\n

Led by Singapore, the Asia-Pacific is now the most competitive region in the world, followed by Europe and North America. The report highlighted that a primary source of concern for the global economy was the subdued growth rate in productivity, rising inequality and accelerating climate change. The report stated that while the escalated trade war and rising geopolitical tensions are the causes of uncertainty, it will also suppress investment and increase the risk of supply shocks, namely disruptions to global supply chains, sudden price spikes, or interruptions in the availability of key resources.<\/p>\n

Nevertheless, based on the strong performance of the economy across the indicators, Singapore is the premier business destination<\/a> for enterprises considering overseas expansion into the Asia-Pacific region in these uncertain times. 3E Accounting looks forward to contributing to the continued growth and expansion of businesses and the economy.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text css=””] Singapore is the World\u2019s Most Competitive Economy: World Economic Forum Global Economic Competitiveness Report For more than 40 years, the World Economic Forum has been assessing countries’ long-term competitiveness in terms of economic growth and productivity. National competitiveness, as defined by the World Economic Forum (\u201cWEF\u201d), is \u201cthe set of institutions, policies, and…<\/p>\n","protected":false},"author":57,"featured_media":39108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[],"class_list":["post-39107","post","type-post","status-publish","format-standard","has-post-thumbnail","category-regulatory-and-business","category-68","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/39107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=39107"}],"version-history":[{"count":2,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/39107\/revisions"}],"predecessor-version":[{"id":106021,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/39107\/revisions\/106021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media\/39108"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=39107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=39107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/tags?post=39107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}