Equity, Diversity and Inclusion

Singapore crowned world's most open and competitive economy

Singapore is the new leading world economy in terms of competitiveness, with 85/100 points. Image: Duy Nguyen/Unsplash

Emma Charlton
Senior Writer, Forum Agenda
Share:
Our Impact
What's the World Economic Forum doing to accelerate action on Equity, Diversity and Inclusion?
The Big Picture
Explore and monitor how Infrastructure is affecting economies, industries and global issues
A hand holding a looking glass by a lake
Crowdsource Innovation
Get involved with our crowdsourced digital platform to deliver impact at scale
Stay up to date:

Infrastructure

Singapore has been crowned the most open and most competitive economy in the world. But what does that mean? And how can other countries mimic its success?

Have you read?

In the World Economic Forum’s latest Global Competitiveness Report, Singapore scored 85 points out of a possible 100, placing it above the US, Hong Kong, the Netherlands and Switzerland in the top five. It was awarded more than 90 points in four of the 12 gauges used to rank the 141 countries and scored more than the OECD average in all areas.

Image: Global Competitiveness Report 2019

“It's the result of a very balanced and strong performance across the pillars,” says Thierry Geiger, Head of Analytics and Quantitative Research, Global Competitiveness and Risks at the World Economic Forum. “They are very close to the ideal state in areas including infrastructure and health.”

Discover

What do we mean by ‘competitiveness’?

By analyzing more than 100 indicators of competitiveness, the Forum’s work aims to unveil the secrets of the strongest performers and showcase what they’re doing well, encouraging other policy-makers to learn from their peers.

Infrastructure was an area of excellence, with Singapore’s roads, ports and airports placing it top. And it came first for health, with the average person expected to enjoy 74 years of healthy life.

It scores well for financial stability and also for the quality of its public institutions, which come second only to Finland’s.

Image: Global Competitiveness Report 2019

Even so, there’s some room for improvement – and in particular scope for Singapore to become an innovation hub, improving its business dynamism and developing skills like critical thinking to prepare its workforce for the world of tomorrow. Its lowest scores came for market size and for skills.

Geiger also highlighted freedom of the press as an area for improvement, and he notes that Singapore is a relatively small city-state, which might make reproducing its successes challenging. Even so, there are learnings for other economies looking to climb the ranks.

“Singapore is extremely, extremely well governed,” he says. “Corruption is very low, the public sector is extremely efficient, and the government has a long-term vision, and an ability to change. These are some of the things that could inspire others.”

Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

Sign up for free

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

Related topics:
Equity, Diversity and InclusionEconomic GrowthGeo-Economics and Politics
Share:
World Economic Forum logo
Global Agenda

The Agenda Weekly

A weekly update of the most important issues driving the global agenda

Subscribe today

You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.

How focused giving can unlock billions and catapult women’s wealth

Mark Muckerheide

May 21, 2024

1:40

About Us

Events

Media

Partners & Members

  • Join Us

Language Editions

Privacy Policy & Terms of Service

© 2024 World Economic Forum