Restrictive labor regulations are the biggest hindrance for doing business in Singapore: report

Inflation is the second biggest challenge, says the WEF.

Singapore has once again been named as the second most competitive country in the world for the fourth consecutive year. However, the World Economic Forum’s Global Competitiveness Report 2014-2015 also revealed ten of the biggest hindrances for doing business in Singapore.

Restrictive labor policies were overwhelmingly cited as the biggest hindrance for doing business in the country, with 28.2% of respondents claiming this as the most problematic factor.

Inflation was not far behind, with 20.5% of respondents naming this as the biggest challenge for doing business in Singapore.

Meanwhile, 15.2% of respondents claimed that insufficient ability to innovate is the most problematic factor for doing business in the country, while 7.6% blamed an inadequately educated workforce.

Poor work ethic in the national labor force came in fifth with 5.6%, while access to financing came in sixth with 5.0%.

Tax rates (4.7%) and inadequate supply of infrastructure (4.6%) battled for the sixth and seventh spots, respectively.

Foreign currency regulations (2.5%) and tax regulations (2.3%) completed the list.