A new World Economic Forum (WEF) ranking for the most competitive and innovative economies ranked Singapore in second place worldwide, just behind the United States. A total of 140 nations were reviewed by the WEF for its annual Global Competitiveness Report.
The study found that Singapore, alongside Germany, Netherlands, Sweden, Finland, and the United States are amongst the most open economies in the world. Aside from embracing trade, WEF said that open economies are welcoming of people’s movement and ideas exchange. The Lion City is also a favourite among expats.
“More open economies are more innovative and their markets more competitive,” the report noted. “However, whilst openness has been a ‘win-win’ between countries it is at times a ‘win-lose’ within countries.
Aside from the republic’s openness, the study also found that the government of Singapore is the most ‘future-ready’, besting Luxembourg and even first placer US. The study looked into key features that could help countries to move forward during the Fourth Industrial Revolution (4IR) including the adaptability and agility of individuals, governments and businesses.
In terms of workforce diversity, the Lion City stood next to Canada as the most diverse workforce, placing better than the United States which placed third in the area.
Singapore came a close second with Germany and Switzerland losing its crown.
Switzerland, which has long led the rankings, fell to fourth under the new methodology. China, one of the chief targets of US criticism over trade, was 28th. Argentina, hit by a currency crisis, was lowest among Group of 20 countries at 81st.
The 2018 report used 98 indicators to judge how nation’s economies have performed. The indicators were organized into 12 pillars – institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labor market, financial system, market size, business dynamism and innovation capability.