Singapore overtakes the US to become world’s most competitive country, WEF says

CNBC | Chloe Taylor | Oct 8, 2019

Singapore financial district - Singapore overtakes the US to become world’s most competitive country, WEF saysSingapore has overtaken the U.S. to become the most competitive nation in the world, according to the World Economic Forum (WEF).

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

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

The U.S., which held the top spot in 2018′s ranking, dropped into second place this year, although the report’s authors noted that it “remains an innovation powerhouse.”

America received the highest score in the world in several subcategories, including ease of finding skilled employees and venture capital availability, with the U.S. also being ranked higher than any other country in the business dynamism pillar.

However, the country scored relatively low in some categories, with increasing trade tariffs, declining life expectancy and low digital skills among the American population taking a toll on the United States’ overall ranking. The WEF noted that life expectancy in the U.S. is now lower than it is in China, with the U.S. having only the 39th highest life expectancy in the world amid its ongoing opioid crisis.

See:  Incumbents, consumer complacency barriers to innovation in Canadian banking

Singapore, named the most competitive economy in the world, scored highly for its public sector, labor force, diversity and infrastructure. On life expectancy, Singapore was ranked number one, with newborn children expected to live until the age of 74.

In comparison, life expectancy in the U.S. is 66 years old, while in China it’s 68.

The 10 most competitive countries in the world

  1. Singapore
  2. United States
  3. Hong Kong
  4. Netherlands
  5. Switzerland
  6. Japan
  7. Germany
  8. Sweden
  9. United Kingdom
  10. Denmark

Hong Kong, the Netherlands and Switzerland rounded out the top five, with Hong Kong rising four places from 2018. The WEF’s data collection concluded before political unrest and protests in the territory intensified, according to the organization’s chief economist.

Overall, Asia-Pacific was named the most competitive region in the world, followed by Europe and North America.

The average score out of 100 across the 141 nations was 61, with the WEF claiming that the gap was a greater concern now in the face of a global economic slowdown. Reigning Singapore scored a total of 84.8 points, with second-place America being awarded 83.7 points.

See:  Competition Bureau’s call for intel on anti-competitive conduct in digital economy raises eyebrows

Best in class highlights

  1. With a score of 84.8 out of 100, Singapore is the country closest to the frontier of competitiveness
  2. Other G20 economies in the top 10 include the United States (2nd), Japan (6th), Germany (7th) and the United Kingdom (9th) while Argentina (83rd, down two places) is the lowest ranked among G20 countries
  3. Asia-Pacific is the most competitive region in the world, followed closely by Europe and North America
  4. The United States may have lost out to Singapore overall, but it remains an innovation powerhouse, ranking 1st on the business dynamism pillar, 2nd on innovation capability, and 1st for finding skilled employees
  5. Nordic countries are among the world’s most technologically advanced, innovative and dynamic while also providing better living conditions and social protection
  6. Denmark, Uruguay and Zimbabwe have increased their shares of renewable sources of energy significantly more than other countries at their respective levels of competitiveness

Continue to the full article --> here

Download 666 page PDF World Competitiveness Report --> here

 


NCFA Jan 2018 resize - Singapore overtakes the US to become world’s most competitive country, WEF says The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Singapore overtakes the US to become world’s most competitive country, WEF saysFF Logo 400 v3 - Singapore overtakes the US to become world’s most competitive country, WEF sayscommunity social impact - Singapore overtakes the US to become world’s most competitive country, WEF says
NCFA Newsletter subscribe600 - Singapore overtakes the US to become world’s most competitive country, WEF says

REGISTER WITH NCFA 25% DISCOUNT CODE -> BLOCKCHAIN-19 (case sensitive)


NCFA Newsletter Banner Ad Blockchain  - Singapore overtakes the US to become world’s most competitive country, WEF says

NCFA Fintech Confidential Issue 2 FINAL COVER - Singapore overtakes the US to become world’s most competitive country, WEF says