Singapore is world's most responsive nation to economic change

Country's enterprise and government oustandingly adaptive.

Singapore has topped a list of 90 nations in a KPMG study evaluating the capacity of countries to respond to changes such as natural disasters, global competition, economic shocks and demographic trends.

The latest KPMG’s 2013 Change Readiness Index (CRI), produced in partnership with global advisory firm Oxford Economics, measures countries across 26 components to compare capabilities to respond to changes in three areas.

These areas are enterprise or the capability of private and state-owned enterprises to manage change and generate growth, government, as well as people and civil society.

This new edition increased its country coverage by 50 percent compared to the inaugural study last year and now includes developed markets such as Singapore, Australia and the United Kingdom.

Here are the Top 10 countries in the CRI Rankings:
1. Singapore
2. Sweden
3. Qatar
4. New Zealand
5. Germany
6. Israel
7. Japan
8. Saudi Arabia
9. Australia
10. United Kingdom

Singapore was ranked first in the areas of enterprise and government capability to respond to changes, and came in fifth for the people and civil society component.

Expounding on the significance of the CRI rankings, Mr Satyanarayan R (Satya), KPMG’s head for Government & Infrastructure in the Asia Pacific said: “Countries are being exposed to a vast array of changes – globalisation, automation and rising costs among others – and these create both opportunities and risks. We cannot underestimate the importance of a nation’s ability to respond to change as this capability is vital to a country’s success in building a sustainable economy and equitable society.”

He added: “The CRI serves as a useful tool for governments and businesses to make more informed decisions, whether on potential reforms or policy changes, managing risks, or making investments."