Singapore dips on global economic competitiveness ranking

Singapore slipped to rank 3 with a score of 5.7.

Singapore falls by one rank in terms economic competitiveness behind the US, the World Economic Forum (WEForum) revealed.

According to the Global Competitiveness Index, Singapore's rank dipped from 2 to 3 with a current score of 5.72.

In terms of sub-indices, the country ranked second in terms of basic requirements with a score of 6.3, second in efficiency enhancers with 5.7, and 12th in innovation & sophistication factors with 5.2.

WEForum noted that it is still the most competitive country in East Asia and Pacific, followed by Hong Kong.

The index measured national competitiveness, defined as the set of institutions, policies and factors that determine the level the country's productivity.

Singapore continues to rank first in terms of the Higher education and training pillar and the goods market efficiency pillar, and features in the top 10 of six others.

In particular, it is first worldwide for public sector performance, one of the categories of the Institutions pillar, where it ranked second.

The country also possesses superior transport infrastructure and ranked second, its labour market is extremely efficient and placed second.

WEForum also called its financial sector "well developed, stable, and trustworthy" which ranked third.

However, improvement points were also found such as Singapore’s macroeconomic environment, which went down to rank 18, as a result of a persisting deflationary spell.

It also ranked lower in terms of innovation at ninth and business sophistication factors at 18th.

Singapore also continues to lag behind the world’s most prolific innovation powerhouses in the East Asia and Pacific Area, WEForum said.