The Global Competitiveness Report 2014 – 2015

3 September 2014 | Why Singapore?

Source: World Economic Forum

Singapore ranks 2nd overall for the fourth consecutive year, owing to an outstanding and stable performance across all the dimensions of the GCI. Again this year, Singapore is the only economy to feature in the top 3 in seven out of the 12 pillars; it also appears in the top 10 of two other pillars. Singapore tops the goods market efficiency pillar and places 2nd in the labor market efficiency and financial market development pillars. Furthermore, the city-state boasts one of the world’s best institutional frameworks (3rd), even though it loses the top spot to New Zealand in that category of the Index. Singapore possesses world-class infrastructure (2nd), with excellent roads, ports, and air transport facilities.

Its economy can also rely on a sound macroeconomic environment and fiscal management (15th) – its budget surplus amounted to 6.9 percent of GDP in 2013. Singapore’s competitiveness is further enhanced by its strong focus on education, which has translated into a steady improvement of its ranking in the higher education and training pillar, where it comes in 2nd, behind Finland. Singapore’s private sector is also fairly sophisticated (19th) and becoming more innovative (9th), although room for improvement exists in both areas, especially as these are the keys to Singapore’s future prosperity.

You can access the full report here: The Global Competitiveness Report 2014 – 2015