US Loses Top Spot to Singapore in Competitiveness Rankings

The republic’s economic activity continues to thrive

"Germany's biggest weakness is the relatively low level of ICT [information and communication technology] adoption", the WEF said in its report.

While the report noted that the USA "remains an innovation powerhouse" and the world's second most competitive economy, some trouble signs have emerged, the Forum said.

Taiwan has claimed 12th place out of 141 economies in the Global Competitiveness Report 2019, edging up one slot from a year ago, according to a report released by the World Economic Forum (WEF).

Among the South Asian nations, India is at 68, with Sri Lanka 84 and Bangladesh at 105 and Nepal at 108.

The study highlighted that the global economy is unprepared for a major slowdown. Indonesia's market size scored 82, seventh of 141 economies in the survey, while business dynamism scored 70, earning the country the 29th spot.

Singapore has become the world's most competitive economy in 2019, pushing the USA to the second place. Hong Kong came in third while the Netherlands came in 4th, and Switzerland 5th.

"The report shows that those countries which integrate into their economic policies an emphasis on infrastructure, skills, research and development and support those left behind are more successful compared to those that focus only on traditional factors of growth".

It dropped to 6th from 5th in the ASEAN Region, according to the 2019 Global Competitiveness Index.

The report says the Asia-Pacific region is the world's most competitive economic area.

The Forum, organisers of the glitzy annual gathering of business and political elite in Davos, have released an annual competitiveness report since 1979 that assesses which economies are well placed to see productivity and long-term growth.

However, in terms of the labor market, and financial system indicators, the country is more competitive, obtaining the 4th place for both pillars. The country leapfrogged the United States from second to first, as it had benefitted "from global trade tensions through trade diversion", as had Vietnam, which the WEF found was the most improved country in its rankings.

"While these unprecedented measures were successful in averting a deeper recession, they are not enough on their own to catalyse the allocation of resources towards productivity-enhancing investments in the private and public sectors".

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