Singapore emerges as second most competitive economy in 2016

Check out which country topped the list.

Singapore, ranked second, tracks Switzerland closely in the latest World Economic Forum’s (WEF) Global Competitiveness Index 2016.

Switzerland is enjoying the top post for eight consecutive years.

Over 138 countries were assessed based on factors driving productivity and prosperity. They were measured using 12 “pillars of competitiveness” namely institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.

Rounding up the top 10 list are United States, Netherlands, Germany, Sweden, United Kingdom, Japan, Hong Kong and Finland.