18 May '11, 2pm

S'pore drops to 3rd place in world competitiveness

SINGAPORE : Singapore has dropped from first to third place, behind Hong Kong and the United States, in the 2011 World Competitiveness Rankings published by Swiss business school IMD. Hong Kong and the US tied for the first spot in the rankings of 59 countries. Among the top 20 countries, Qatar made the best leap forward, jumping seven spots to eighth place this year. Only four of the big economies - Canada, Germany, the United States and the United Kingdom - were in the top 20. The US secured first place as it was "rescued" by its business efficiency, according to a statement released IMD. Ranked against other countries, Singapore scored the highest marks for institutional framework, international trade and labour market. It also fared well in public finance (3rd place) and economic performance (5th place). IMD also released its inaugural Government Efficiency Gap results...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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