For International

Singapore rises from 3rd to top spot as world's most competitive economy

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On 5 June, The World Economic Forum (WEF) The World Economic Forum (WEF) released the world’s most competitive economies and Singapore has risen from 3rd to top spot as the world’s most competitive economy. The rise, according to WEF was driven by its advanced technological infrastructure, the availability of skilled labor, favorable immigration laws, and efficient ways to set up new businesses.

Australia is in a unique position to take advantage of Singapore's status.  At a recent meeting between Australia’s Prime Minister, the Hon Scott Morrison and Singapore’s Prime Minister, Lee Hsien Loong, PM Lee said that the two countries are exploring new areas of collaboration, for example, in cybersecurity, food security and in the digital economy (Source: ChannelNews Asia, Singapore).

Singapore overtook the US in the annual IMD World Competitiveness Ranking.  The list incorporates 235 data points, including GDP, government spending, corruption level, and unemployment.

Read more about it on the WEF website and IMD website.