Singapore ranks 4th in list of world’s most competitive economies

It dropped by one place from last year.

Singapore remains Asia’s most competitive economy, according to the 35th edition of the IMD World Competitiveness Ranking (WCR).

The Lion City, however, fell one rank in the global ranking, dropping to fourth place.

According to IMD, Singapore performed well in international trade, employment, and technological infrastructure.

The Lion City, however, needs improvement in areas such as prices, management practices, and health and environment.

IMD also underscored three main challenges that the Lion City is facing, including helping businesses and households to cope with elevated costs and inflationary pressures; ensuring that businesses and workers continue to upgrade their capabilities for Singapore to stay competitive and seize new opportunities; and navigating the challenges posed by the slowing global economy amidst tightening financial conditions and rising protectionism.