For the first time in nine years, Singapore surpassed the United States and Hong Kong to clinch the title of the world’s most competitive economy.
y, according to annual rankings compiled by Switzerland-based business school IMD.
Speaking to CNBC’s “Squawk Box Asia” on Wednesday, Arturo Bris — director of the IMD World Competitiveness Center — said the Southeast Asian country had been following a simple “recipe for competitiveness.”
Singapore’s immigration laws, advanced technological infrastructure, availability of skilled labor and efficient ways to set up new businesses helped it advance to the top, IMD’s 2019 World Competitiveness Rankings found.
The city-state is “a poster-child for the world economy today, and not surprisingly it made it to the top position this year,” Bris said.
IMD measures a country’s competitiveness using four indicators: economic performance, infrastructure, government efficiency and business efficiency.
Here are the top 10 economies by competitiveness, according to IMD:
- Hong Kong SAR