For five consecutive years, Singapore has marked its position as the only Southeast Asian nation to occupy the world’s top 10 most competitive countries, according to the International Institute for Management Development (IMD). With an overall score of 97.44 in 2023, Singapore has solidified its renowned competitiveness to rank 4th in the world.
Sitting above Singapore in the top 3 are Denmark, Ireland, and Switzerland, in descending order. The country recorded an achievement ahead of the Netherlands, Taiwan, Hong Kong SAR, Sweden, the United States of America, and the United Arab Emirates in fourth to tenth place.
Singapore had to encounter challenges in 2023 that eventually contributed to a one-ranking decline from the previous year. These include the global economic downturn amidst tightening financial conditions and increasing trade barriers, the heightened expenses and inflation effects, and urging businesses and workers to enhance their capabilities.
Despite its climbdown, Singapore managed to perform well across all competitiveness factors employed in this study. The country upheld its exceptional ranking, consistently finishing within the top 10 in every metric, encompassing economic performance, government efficiency, business efficiency, and infrastructure.
Singapore's fourth-place ranking assuredly sealed its position as the leading nation in the region. Meanwhile, the neighboring countries ranked considerably below Singapore. Malaysia rose by five levels to attain the 27th rank globally. Thailand followed closely in the 30th position, which witnessed an uptick of three ranks as well.
It is noteworthy to emphasize Indonesia’s skyrocketing ascent of ten positions to the 34th. The country additionally boldly proclaimed itself to be one level above Japan. In contrast to the 2022 figure, the Philippines fell four stages to 52nd place. No data is available for the remaining Southeast Asian nations.
The World Competitiveness Ranking gauges the performance of how 64 countries, selected on the basis of the availability of equivalent international statistics, effectively harness their competencies to build long-term value creation.
IMD has been conducting this extensive research since 1989, marking 2023’s Yearbook as its 35th edition. The methodology is founded upon 336 competitiveness criteria, which were derived from economic statistics and surveys of prominent leaders in the business community, government agencies, and academics.
Source: World Competitiveness Ranking