For the first time since 2010, Singapore has ranked first in the world’s most competitive economy in 2019, according to an announcement by the International Institute for Management Development (IMD) on May 29.
Singapore rose from 3rd to 1st spot of the ranking this year followed by Hong Kong and USA coming in the 3rd.
While Nordic countries namely Denmark (8th), Sweden (9th), Norway (11th) and Finland (15th), were in top 15 of the ranking.
According to IMD, Singapore rose to first place due to “its advanced technological infrastructure, the availability of skilled labor, favorable immigration laws, and efficient ways to set up new businesses.”
Among other Southeast Asia countries, Malaysia maintained its position in 22nd from last year. Thailand jumped 5 places, to reach 25th, thanks to an increase in foreign direct investments and productivity. Indonesia leaped to the 32nd position, up 11 places from last year due to its increased efficiency in the government sector and improvement in infrastructure and business conditions.
Arturo Bris, IMD Professor and Director of IMD World Competitiveness Center said:
“In a year of high uncertainty in global markets due to rapid changes in the international political landscape as well as trade relations, the quality of institutions seems to be the unifying element for increasing prosperity. A strong institutional framework provides the stability for business to invest and innovate, ensuring a higher quality of life for citizens.”
Established in 1989, the IMD World Competitiveness Rankings will annually rank 63 countries based on a wide range of criterions including unemployment rate, GDP, expense on health and education.