Learn where Singapore missed the mark in the latest world competitive ranking

It actually beats topnotch Switzerland in virtually all aspects except for one thing.

According to the World Economic Forum, as in previous years, this year’s top 10 remain dominated by a number of European countries, with Switzerland, Finland, Sweden, the Netherlands, Germany, and the United Kingdom confirming their place among the most competitive economies.

Along with the United States, three Asian economies also figure in top 10, with Singapore remaining the second-most competitive economy in the world, and Hong Kong SAR and Japan placing 9th and 10th.

The table below shows the top 20 most competitive economies in the world. A closer look at it will reveal that Singapore actually ranked first in 3 subindices except for innovation and sophistication.

Here's more from World Economic Forum Report:

Singapore retains its place at 2nd position as a result of an outstanding performance across the entire Index. The country features in the top 3 in seven of the 12 categories of the Index and appears in the top 10 of three others. Its public and private institutions are rated as the best in the world for the fifth year in a row.

It also ranks 1st for the efficiency of its goods and labor markets, and places 2nd in terms of financial market development. Singapore also has world-class infrastructure (2nd), with excellent roads, ports, and air transport facilities. In addition, the country’s competitiveness is reinforced by a strong focus on education, which has translated into a steady improvement in the higher education and training pillar (2nd) in recent years, thus providing individuals with the skills needed for a rapidly changing global economy.

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