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Saturday, 12.10.2024, 06:01
IMD: Singapore was number one for the second year in a row; Estonia is ranked 28st in the World Competitiveness Ranking
Singapore was number one for the second year in a row. In second to fifth place, in order, came: Denmark, Switzerland, the Netherlands and Hong Kong SAR. A marked pattern in this year’s results, which are an amalgam of hard data taken from 2019 and survey responses from early 2020, is the strength of smaller economies.
Arturo
Bris, Director of the IMD World Competitiveness Center and Professor of
Finance, says, “The benefit of small economies in the current
crisis comes from their ability to fight a pandemic and from their economic
competitiveness. In part these may be fed by the fact it is easy to find social
consensus.”
The top three’s different recipes for success
Factors behind Singapore’s success are its
strong economic performance which stems from robust international trade and
investment, employment and labor market measures.
Stable performances in both its education system and
technological infrastructure – telecommunications, internet bandwidth speed and
high-tech exports – also play key roles.
Denmark, in 2nd, can credit a strong
economy, labor market, and health and education systems. In addition, the
country performs very well in international investment and productivity, and
topped Europe in business efficiency.
Switzerland has been gradually edging towards a podium
position, from 5th to 4th and now 3rd in
2020. Robust international trade fuels its strong economic performance, whilst
its scientific infrastructure and health and education systems show steadfast
displays.
The number of small economies – broadly defined as such by
their GDP – in the top ten is striking. However, this is not to say that
we are seeing a triumph of democracies. Singapore, Hong Kong and the UAE remain
in the top ten, whilst some democracies (such as Argentina) sit at the bottom
of the scale.
This year, new criteria were added to reflect the importance
of achieving the UN Sustainable Development Goals. The criteria provide a
perception of where the economy stands with respect to different sustainable
goals that need to be satisfied in 10 years, such as education and the
environment, inclusion and empowerment, ageing and health.
Setbacks for some
For the second year in a row, the USA failed to
fight back having been toppled from its number one spot last year by
Singapore, and coming in at 10th (3rd in 2019).
Trade wars have damaged both China and the USA’s economies,
reversing their positive growth trajectories. China this year dropped to 20th position
from 14th last year.
While Hong Kong SAR came in at 5th, this
is a far cry from 2nd which it enjoyed last year. The decline
can be attributed to a decline in its economic performance, social turmoil in
Hong Kong as well as the rub-on effect of the Chinese economy. However, the
2020 rankings do not pick up on events in from the last couple of months.
The UAE also falls from 5th to 9th.
The Middle East struggled as a region, reflecting the oil crisis.
Lithuania drops to 31st place in global competitiveness ranking
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