Singapore Nabs Second Place In WEF Global Competitiveness Index
The United States has topped the World Economic Forum’s (WEF) annual global competitiveness index with a score of 85.6.
Singapore, on the other hand, came in at second place with a score of 83.5.
The index, which measures national competitiveness of 140 economies, is based on a set of indicators that are organised into 12 pillars. These pillars institutions, infrastructure, macroeconomic stability, business dynamism and innovation capability.
Even though the United States achieved the best overall performance on the index, Singapore topped rankings for transport infrastructure, health and trade openness.
“Openness is the defining feature of this global trading hub and one of the main drivers of its economic success. Singapore leads the Infrastructure pillar with a near-perfect score of 95.7. In particular, it boasts world-class transport infrastructure, services and connectivity,” the WEF report said.
Countries around the world scored an average of 60 points on the ranking.