Strong gains in efficiency and infrastructure drive the nation to the top of global rankings.
SINGAPORE: Singapore has claimed the top spot in the 2024 World Competitiveness Yearbook, released by the International Institute for Management Development (IMD). This marks the city-state’s second time leading the rankings since 2020, outperforming 67 other economies assessed in the report.
The IMD evaluates global competitiveness across four key indicators: Government Efficiency, Business Efficiency, Economic Performance, and Infrastructure. Singapore’s rise to first place this year was driven by significant improvements in these areas:
Government Efficiency: Jumping from seventh to second place, Singapore demonstrated enhanced policies that foster a conducive environment for competitiveness.
Business Efficiency: Advancing from eighth to second, the nation showcased strengths in enterprise innovation, profitability, and corporate responsibility.
Infrastructure: Moving up from ninth to fourth, Singapore highlighted its progress in technological, scientific, and human resources capabilities.
Economic Performance: Maintaining a solid third-place position, Singapore continues to exhibit macroeconomic stability.
Singapore also led globally in specific metrics, including labor market conditions, attitudes and values, and technological infrastructure. These attributes underscore its adaptability and readiness to support economic activities and innovation.
Geographic and Strategic Advantages
The IMD report attributed part of Singapore’s success to its compact size and strategic maritime location, which facilitate efficient trade and economic activities.
Arturo Bris, Director of the IMD World Competitiveness Center, praised top-ranking economies like Singapore for their ability to balance productivity and prosperity. He noted, “The best-performing economies generate elevated levels of income and quality of life for their citizens while preserving the environment and social cohesion.”
Challenges Ahead
Despite its top ranking, the IMD report highlighted potential challenges, particularly in leveraging opportunities and managing disruptions from emerging technologies like artificial intelligence. Singapore’s Ministry of Trade and Industry emphasized the need to enhance competitiveness while navigating geopolitical tensions and resource constraints.
Global Rankings
Singapore was followed by Switzerland in second place and Denmark in third, both recognized for achieving strong productivity and quality of life for their citizens.
Singapore’s achievement reinforces its global reputation as a hub of innovation, efficiency, and economic resilience, setting a high benchmark for competitiveness worldwide.
