SINGAPORE: Singapore is the third most competitive economy
in the world, according to the World Economic Forum's
competitiveness ranking published on Thursday. The city-state was
also placed third in 2009.
But within Asia, Singapore is still the most competitive
economy. Japan is in 6th place while Hong Kong 11th.
Singapore won points for its lack of corruption and for
the efficiency of its government.
Meanwhile the US slipped two places to fourth, a year after losing
the number one position for the first time since the Geneva-based
organization began its current index in 2004.
A budget shortfall of more than US$1 trillion and public distrust
of politicians were among the weaknesses in the world's largest
economy.
The WEF study also found that a lack of macroeconomic stability
continued to be the US' greatest area of weakness.
Switzerland, home to companies including drug maker Novartis and
food company Nestle, retained the top spot.
It was credited for its innovation and business culture.
Sweden was ranked second, up from the fourth spot last year.
The WEF credited Sweden for its transportation and high level of
ethical behaviour.
Germany, Japan, Finland, the Netherlands, Denmark and Canada
rounded out the top 10, the composition of which was unchanged from
last year.
China moved up two places in the rankings to 27th.
WEF said China continued to lead the way among large developing
economies and solidify its place among the top 30 economies.
Among the three other BRIC economies, Brazil (58th), India (51st)
and Russia (63rd) remained stable.
Several Asian economies performed strongly, with Japan (6th) and
Hong Kong (11th) also in the top 20.
In Latin America, Chile (30th) is the highest ranked country,
followed by Panama (53rd) Costa Rica (56th) and Brazil.
The study polled over 13,500 business leaders in 139
economies.
- CNA/ir