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According to the latest Global Competitiveness Report by the World Economic Forum, Singapore has maintained its position in the ranking, second only to Switzerland, which has been no. 1 for five consecutive years.
This framework for the global competitiveness index is made up of 12 categories. Singapore features in the top three for seven of the categories and in the top 10 for three others. The city is outstanding across the index, but its public and private institutions, good and labour markets, financial market development, as well as infrastructure, stand out as some of the best.
Singapore continues to improve in higher education and training, while Switzerland is reported to be lagging behind in the category, threatening its innovative potential.
The second most competitive Southeast country is Hong Kong, which has gone up several notches since the last report. Hong Kong excels in infrastructure—its transportation, phone and electrical systems are of outstanding quality—and its its financial markets are second to none. However, Hong Kong also needs to up its education participation levels.
