Singapore loses top spot in global dynamism survey

It dropped to 7th place.

According to a release, Singapore has been knocked off top place in the Grant Thornton Global Dynamism Index (GDI) 2013, which ranks the business growth environments of 60 of the world's largest economies. However, the economy remains well inside the top ten, maintaining its role as the leading gateway between east and west.

The Singapore economy ranks seventh overall, down from first in 2012, with the fall led by relative declines in two of the more volatile categories of dynamism: labour & human capital and economics & growth.

However the economy still ranks first globally for the dynamism of its financing environment and moves up a place to ninth for business operating environment.

Aw Eng Hai, Partner at Grant Thornton Singapore said: "It is disappointing to lose top spot in the ranking but we should be clear what the index measures that is the development of business growth environments around the world.

In other words, Singapore has not worsened as an economy where dynamic businesses can flourish, but rather than the six economies above us have seen their business growth environments improve relatively more over the past 12 months. A ranking of seventh overall is still very impressive. 

Singapore is an open, trade and service oriented economy with a sound business operating environment. It offers key safeguards and security for investments.”