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India Beats China and the USA, Singapore Stays Second-most Competitive Economy

Last modified: June 4, 2018
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Singapore Stays Second-most Competitive Economy

According to a report published in Financial Times, London, India came up as the top destination for the Foreign Direct Investment (FDI) in the first half of 2015. It attracted 31 billion dollars in FDI and pushed China and the USA to the second and third positions, respectively.

Though India has emerged as the top investment destination during the first half of 2015, it is ranked at 55th position in the list of 140 economies. During the last year, its improved performance has enabled to move up the list by 16 places.

Most Competitive Economies in the World

Singapore, the Asian giant, managed to retain the second spot in the list of most competitive economies of the world. The top position in the annual Global Competitiveness Report put together by the World Economic Forum (WEF) was claimed by Switzerland. The WEF list covers 140 economies from all over the globe and is greatly appreciated by the global investors.

Top 10 Economies of the World, WEF Report 2014-2015

CountryRank
Switzerland1
Singapore2
United States3
Finland4
Germany5
Japan6
Hong Kong7
Netherlands8
United Kingdom9
Sweden10

 

The WEF report also states that Singapore’s success is due to its consistent performance in the 12 factors like infrastructure, ability absorb new technologies, and superior health and education. Singapore sports excellent educational and training facilities, which gives it an enviable advantage when it comes to welcoming technological changes and in leading the field of innovation.

Singapore’s dynamic and motivated workforce also played its part in the success. Its policies attract talented and qualified professionals, managers, bankers, and CEOs from all over the world. The report also took note of the island nation’s improved performance in goods, labor, and financial market efficiency.

Hong Kong is no more the top financial market of the world. It lost the crown to the New Zealand and now, ranks at the third position after Singapore. According to WEF, the Hong Kong’s loss is due to the loss of credibility and lowering of investors’ confidence. However, its high-quality infrastructure and improvements in higher education and training has enabled it to hold onto the 7th position in the list of most competitive economies of the world.

Since 2005, The World Economic Forum is publishing its Global Competitive Report. It differentiates the world economies into the Factor-Driven Economies, Efficiency Driven Economies, and Innovation-Driven Economies. It evaluates aspects of economies like market transparency, technological readiness, quality of infrastructure, the robustness of institutional framework, social infrastructure, etc to arrive at a ranking. Singapore, over the last decades, has done exceptionally well in these indicators to emerge as one of the best-managed economies at the global scene.

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