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Singapore Climbs Back to 3rd Place from 5th in Global Competitiveness Ranking

IMD World Competitiveness Center has ranked Singapore the world’s 3rd most competitive economy, after having slipped to 5th place in 2021 following 2 straight years at the top.

Produced annually by the IMD World Competitiveness Center, the ranking looks at criteria across the 4 factors of economic performance, government efficiency, business efficiency and infrastructure, with each having 5 sub-factors. This year’s ranking reflects “The relative speed of recovery” of economies”, said Arturo Bris, the head of IMD’s World Competitiveness Center. IMD attributed Singapore’s position to its strong economic performance and gross domestic product growth, with “substantial improvements in the domestic economy, employment, public finance and productivity and efficiency.” 

The country ranked top globally in the sub-factors of the domestic economy, international trade and technological infrastructure, which Singapore remains the most competitive economy in the Asia-Pacific region. 

For the full article: The Business Times