Singapore manages to hold the top spot for global competitiveness

    • Among the 63 global economies, Singapore has once again managed to retain its pinnacle spot.

Denmark, Switzerland, The Netherlands, and Hong Kong respectively, followed Singapore making their places among the highest top 5.

  • The 2020 Institute for Management Development (IMD) World Competitiveness Ranking has stated –Singapore’s extremely strong economic performance was the reason for this achievement. This successively backs the country’s healthy international trade and investments.
  • Internet bandwidth speed, telecommunications, high tech exports played an important role, said IMD. Collectively, they form the backbone of many small economies, they added.
  • During the current crisis, the advantage of little economies originates from there to battle the pandemic and from their financial intensity. Partially, this might be taken care of by the reality that it will be easier to find social harmony – said Arturo Bris, director of the IMD World Competitiveness Centre and professor finance.
  • Mr. Jose Caballero, Senior economist at the IMD World Competitiveness Centre also informed the Business Times that – A downturn could negatively affect the future intensity of Singapore.
  • He said a downturn could adversely influence the strength of the Republic’s economy and increment financial vulnerability and this would, thus, influence funding levels. He also added – Besides, it can confine the enlistment of Foreign exceptionally talented staff by lessening work openings and furthermore compensation levels, both key parts of Singapor’s achievement in the competitiveness rankings.
  • Up to this point, Singapore has likewise been a recipient of increasing strains among US and China. The US economy, which was toppled from its No. 1 spot in IMD’s positioning by Singapore a year ago, tumbled seven spots his year to come in tenth. China, on the other hand came down to 20th position from 14th in 2019.
  • IMD said – “Exchange wars have harmed both China and the US economies, turning around their positive development directions.”
  • All the ASEAN economies fell I heir rankings except for Singapore and China, which toppled from the 16th spot to 11th. IMD said – the ASEAN economies are enormously dependant on China because of the high dependency level of trade. Accordingly, whatever negative repercussions felt in China monetarily are likewise felt in ASEAN economies.
  • Mr. Cabalerro also told Business Times that, if US-China tensions increase, Singapore is probably going to encounter some downfall in its general performance in the long run, especially in the regions of global exchange and ventures. Such crumbling may thus adversely influence business, open financés, by and large profitability and access to talented abroad work.
  • Despite a likely decrease in the globalization, business intensity will be essential for the strength of the economies. He also stated, “Our examination shows that competitive firms show three qualities fundamentally – better governance, strong focus on talent deployment a high level of innovations. And contributing to these, competitive business will profoundly add soundness of the economy.

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