The 2024 IMD World Competitiveness Ranking (WCR) has ranked Singapore as the most competitive economy out of 67 globally. This marks a return to form for Singapore, which last held the top spot in 2020 before fluctuating in subsequent years.
The WCR highlighted Singapore’s robust performance in government efficiency and business efficiency, key areas that have significantly contributed to its competitive edge. The ranking is based on a comprehensive analysis of 164 pieces of statistical data and over 6,000 survey responses, focusing on economic performance, infrastructure, and the effectiveness of government and business operations.
The report highlights Singapore’s ability to balance productivity and prosperity, generating high levels of income and quality of life for its citizens while maintaining environmental and social cohesion. Singapore’s dynamic economy is further supported by its advanced infrastructure, innovative business practices, and efficient government policies. These factors collectively ensure that Singapore remains a leader in global competitiveness, setting a benchmark for other economies to follow.
However, the report also notes potential challenges Singapore may face in maintaining its top position, such as managing disruptions from new technologies like AI and navigating an uncertain external environment amid geopolitical tensions.
(Source: IMD)
