Singapore economy is 2nd most competitive worldwide

The country got top ratings for public trust of politicians and transparency in policymaking.

Singapore has cinched second position for global competitiveness and maintained its lead among Asian economies in the latest World Economic Forum survey.

The Republic moved up one place from last year to inch past Sweden, but failed to edge out Switzerland for the top spot. Survey respondents rated the country:

•top for public trust of politicians and transparency in policymaking
•top for the efficiency of its goods market and development of its financial market, and second for the efficiency of its labour market
•having the most efficient legal framework for businesses to settle disputes

However, the survey found that Singapore still has to work on building its capacity for innovation. It also identified the top problems of doing business here - inflation, restrictive labour regulations and inadequately educated workforce.

Among major economies, the United States continued its decline for the third year in a row while Japan fell 3 places and China moved up a spot to 26th place.

You can find the World Economic Forum's full report on global competitiveness here.