Singapore overtakes U.S. To become world’s most competitive economy

Singapore has become the world’s most competitive economy after overtaking the United States , in the World Economic Forum (WEF)’s Global Competitiveness Index (GCI). United States of America was number on the top of list in 2018’s Global Competitiveness Index (GCI).

In 2019 Global Competitiveness Report, the WEF measured the strength of 103 key indicators, such as inflation, digital skills and trade tariffs, across 141 countries.

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The key indicators in the report were organized into 12 pillars, which included institutions, macroeconomic stability and health.

According to the Global Competitiveness Index (GCI), Singapore earned an overall score of 84.8 in 2019, up from last year’s 83.5. Singapore has ranked first on three pillars: infrastructure, health, and labor market. It also came in second for institutions, product market, and financial system.

With the rose of 10 places from 2018 to the 67th spot, Vietnam become the most improved economy in the World Economic Forum (WEF)’s Global Competitiveness Index (GCI).

According to the the World Economic Forum (WEF)’s Global Competitiveness Index (GCI) , the 10 most competitive countries in 2019 are; 1. Singapore, 2- United States, 3-Hong Kong, 4- Netherlands, 5- Switzerland, 6- Japan, 7- Germany, 8- Sweden, 9- United Kingdom ,10- Denmark.

Global Competitiveness Index (GCI) is a set of institutions, policies, and factors that determine the level of productivity of a country, conditions of public institutions and technical conditions.

Data’s used in Global Competitiveness Index (GCI) rating uses public accessible (statistic) data’s and results of findings made by World Economic Forum. These findings are made annually with the support of partner institutions (research institutions and business centers).

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