After being adrift for the past three years, Singapore climbed three rungs and regained the top spot in the IMD World Competitiveness Ranking in 2024, competing against a field of 67 countries. Outperforming Switzerland and Denmark, Singapore demonstrated robust performances across all four categories: economic performance, government efficiency, business efficiency, and infrastructure.
In Southeast Asia, Thailand ranked second, followed by Indonesia, which has surpassed Malaysia. Malaysia fell to 34th place from 27th in 2023, primarily due to currency depreciation and political uncertainties. Indonesia’s rise underscores its enhanced economic performance and stability.
This year’s rankings highlight Southeast Asia's robust economic performance, with the notable exception of Malaysia’s decline. Indonesia’s surge in competitiveness is attributed to improved economic indicators, increased capital attraction, and GDP growth.
The IMD World Competitiveness Center (WCC) uses four indicators to determine the rankings for its annual World Competitiveness Ranking (WCR): economic performance, government efficiency, business efficiency, and infrastructure. The WCR evaluates the long-term well-being of 67 countries beyond GDP, considering social, cultural, and sustainability aspects through global surveys and statistical analysis.
