Singapore was ranked as the world’s most competitive economy by the Lausanne-based Institute for Management Development (IMD) in Switzerland, beating the United States’ 16-year reign at the top. Hong Kong came in second, and the United States came in third.
The United States’ score was only 0.901 behind Singapore’s 100 points. Switzerland, which came in fourth, scored 96.126.
The ranking is published in the World Competiveness Yearbook, which is widely regarded to be the most reliable ranking of management. Fifty-eight countries were assessed based on 320 different criteria such as economic performance, government and business efficiency, exports, level of corruption, and infrastructure.
Key determinants under business efficiency are productivity, labor market, attitudes and values, and management practices. ♦
To view the complete version of the scoreboard, visit www.imd.ch/research/publications/wcy/upload/scoreboard.pdf.