Singapore slips three places to rank 21st in prosperity rankings

It was dragged down by its ranking in personal freedom where it placed 98th out of 149 countries.

Singapore ranked 21st in the Legatum Prosperity Index 2018, down three places compared to its 2017 performance where it placed 18th. The blow came mainly from its 98th place finish in personal freedom which examines national progress in terms of basic legal rights, individual freedoms, and social tolerance.

Aside from personal freedom, Singapore also ranked 90th in terms of natural environment pillar which gauges a country’s quality of natural environment, environmental pressures, and preservation efforts.

Meanwhile, the city-state bagged the top spot in terms of the health pillar which measures basic physical and mental health, health infrastructure, and preventative care. It also placed second in economic quality pillar which looks through a country’s economic openness, macroeconomic indicators, foundations for growth, economic opportunity, and financial sector efficiency.

Singapore secured the third spots in the study’s safety and security pillar which measures national security and personal safety as well as in the education pillar which gauges a country’s access to education, quality of education, and human capital.

For the business environment pillar which measures a country’s entrepreneurial environment, business infrastructure, barriers to innovation, and labour market flexibility, the citystate placed fifth. Meanwhile, it clinched the 15th and 18th spots for social capital and governance, respectively.

Despite its fall in the rankings, Singapore remains the top Asian country in the prosperity index, ahead of Hong Kong (22nd), Japan (23rd), and South Korea (35th). Norway topped the list followed by New Zealand (2nd) and other Scandinavian countries such as Finland (3rd), Switzerland (4th), and Denmark (5th).

The study was initiated by London-based think tank Legatum Institute which creates studies and data in an effort to see the changing landscape of poverty and prosperity around the world.