World Economy: Singapore Top Competitive Economy Topples US and Hong Kong
May 30, 2019 | Thursday
Singapore, for the first time for about nine years now, surpassing the United States and Hong Kong as worlds' top competitive economy. That according to the annual rankings gathered by Switzerland-based business school IMD.
On Wednesday, during an interview, Arturo Bris, director of the IMD World Competitiveness Center, said that the country follows a simple method for "competitiveness."
What brings Singapore at the top of IMD's 2019 World Competitiveness Rankings is its ways to set new businesses and help it advance to the top. That includes the country's Infrastructure, immigration laws, advanced technological, and availability of skilled labor.
According to Bris, Singapore is a "poster-child" for the current world economy. That's the reason why it brought its economy as the top competitive than others.
The IMD measured Singapore's competitiveness through four indicators: business efficiency, government efficiency, economic performance, and infrastructure.
According to IMD, these countries are the top 10 competitive economies (in order): Singapore, Hong Kong SAR, USA, Switzerland, UAE, Netherlands, Ireland, Denmark, Sweden, and Qatar.
Initial data considers the U.S. still ranked first when it comes to economic performance. However, IMD found the country dropped from its spot as the boost of confidence coming from the U.S. President Donald Trump's tax policies weakened. In addition, higher fuel prices and weaker high-tech exports hit the U.S. economy's competitiveness.
According to Brix, president Trump's policies on the competitiveness views are both good and bad. It was good lowering taxes, the economy benefits. However, it was bad that avoiding globalization and trade impacted the country's economic competitiveness.
Bris also added that during last year, upon tax decrease in the United States, the country went up to the top. But this year, it was badly hurt by the ongoing trade disputes.
Washington then believed that the uneven play in the field. The trade imbalances against Beijing also put U.S. firms at a competitive disadvantage. But still, according to Bris, there are a few distinctions to the matter.
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