Singapore has reaffirmed its position as the most competitive country in Southeast Asia and one of the best globally, according to the IMD World Competitiveness Ranking (WCR) 2024. Achieving a perfect score of 100, this city-state solidifies its status as a global leader, thanks to its resilient economy, world-class infrastructure, and skilled workforce.
The study also highlights that competitiveness is not just about rankings but serves as a benchmark for sustainable development. “It serves as a benchmark for these countries to measure their progress and identify areas for improvement, offering a clear path towards their economic development but also supporting global goals such as the SDGs,” said Arturo Bris, Director of the IMD World Competitiveness Center.
Amidst intense competition, Switzerland and Denmark secured second and third place, while emerging economies like Nigeria and Ghana have started to gain attention.
Back at the Top of World Competitiveness
After dropping to fifth place in 2020, Singapore has reclaimed the title of the world's most competitive country. This impressive achievement is supported by its ever-improving government and business efficiency, reflecting pro-competitiveness policies and responsible corporate innovation.
The WCR 2024 analysis shows that Singapore excels in four key pillars: government efficiency, business efficiency, macroeconomic performance, and advanced infrastructure.
However, challenges remain. The country’s ability to harness new technological opportunities, such as artificial intelligence (AI), and to support workforce reskilling and business transformation will be critical to maintaining its position.
In the face of geopolitical uncertainties, Singapore’s strategic location as a maritime nation and its small size have proven to be advantages. With the right strategies, Singapore demonstrates that global competitiveness can be achieved even with limited resources.
