Singapore named the world’s second most competitive country: WEF

Guess who clinched the top spot.

Singapore has been named as the world’s most competitive country for the fourth year running by the World Economic Forum’s Global Competitiveness Report 2014-2015.

According to the report, Singapore owes its rank to an outstanding and stable performance across all the dimensions of the Global Competitiveness Index. Switzerland tops the Global Competitiveness Index again this year, keeping its 1st place for six years in a row.

Singapore is once again the only economy to feature in the top 3 in seven out of the 12 pillars, while it also appears in the top 10 of two other pillars.

The country tops the goods market efficiency pillar and places 2nd in the labor market efficiency and financial market development pillars.

Furthermore, the island boasts one of the world’s best institutional frameworks (3rd), even though it loses the top spot to New Zealand in that category of the Index.

According to the report, “Singapore possesses world-class infrastructure (2nd), with excellent roads, ports, and air transport facilities. Its economy can also rely on a sound macroeconomic environment and fiscal management (15th)—its budget surplus amounted to 6.9 percent of GDP in 2013.”

Here’s more from WEF:

Singapore’s competitiveness is further enhanced by its strong focus on education, which has translated into a steady improvement of its ranking in the higher education and training pillar, where it comes in 2nd, behind Finland.

Singapore’s private sector is also fairly sophisticated (19th) and becoming more innovative (9th), although room for improvement exists in both areas, especially as these are the keys to Singapore’s future prosperity.