9/4/2014 1:11:43 PM
|written By : Team India Se|
Singapore has retained its No 2 position in the World Economic Forum’s (WEF) Global Competitiveness Report just behind Switzerland, a country that has been topping this chart for six consecutive years,
The United States has moved up two notches to take third spot while Finland and Germany dropped one spot to fourth and fifth place, respectively.
Singapore is the only economy to feature in the top three in seven of the pillars. It topped the goods market efficiency pillar and took second spot in the labour market efficiency and financial market development pillars.
Apart from Singapore, Japan and Hong Kong were the only other Asian economies to make it to the top 10. Japan rose three places to sixth spot, while Hong Kong retained its seventh position.
The WEF based its assessment on 12 pillars of competitiveness, including institutions, infrastructure, health and education, market size and the macroeconomic environment.