After a long span of 9 Years, Singapore exceeded the Hong Kong and the United States to win the world’s most competitive economy, as per the annual ranking of IMD, a Swiss-based business school.
Arturo Bris, director of the IMD World Competitiveness Center, told on Wednesday that the Southeast Asian country is following a simple recipe for competitiveness.
Singapore’s advanced technology infrastructure, immigration legislation, the availability of skilled labor and effective ways to start a new business have helped to reach the top of global competitiveness for the world IMD in 2019.
The city is a child of today’s global economic poster and it is not surprising that it reached first place this year,” Bris said.
IMD measures the competitiveness of a country based on four indicators, government efficiency, infrastructure, economic performance, and business efficiency.
While the United States was still the first in terms of economic performance, IMD felt that the country was at the top of the list because US President Donald Trump’s fiscal policy no longer gained confidence. Rising fuel prices and a contraction in high technology exports have also affected the competitiveness of the economy.
“Trump’s competitiveness policy was good and bad. It’s excellent that low taxes gives advantage to the economy,” Bris said. “But they are dire at being around and preventing globalization and trade from damaging competitiveness.”
“That’s what we saw last year: after the tax cut in the United States, the United States rose to the top spot,” he added. “On the contrary, we see the impact of the trade war this year.”
In the Asia-Pacific region, 11 of the 14 economies surveyed maintained or improved their rankings.
The ranking of US is also impacted owing to its trade tensions with China.
Herbert has done masters in business finance. He has work experience with working in MNC and is excellent in finance and marketing. He loves to watch movies and television series in leisure time. He has in-depth knowledge of statistics. He always gives the best toward his professional tasks. Herbert is fully devoted to coverage of business news. He is having a commendable entrepreneur and leadership qualities.