Singapore is the world’s most competitive economy in 2019 according to the Global Competitiveness Report (GCI). With a GCI score of 84.8 out of 100, Singapore ranks first in terms of infrastructure, health, labour market functioning and financial system.
Singapore has improved from their previous high base score on 10 of the 12 pillars, and their score on every pillar is higher than the average OECD. The 12 pillars cover broad socio-economic elements such as institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labour market, the financial system, market size, business dynamism and innovation capability.
The country ranks first on the infrastructure pillar (95.4) and also first for road quality infrastructure, efficiency of seaport and airport services, and sea transport connectivity.
The 2019 GCI results also reveal the size of the global competitiveness deficit. The average GCI score across 141 economies studied is 60.7, meaning that a majority of countries are far from the ideal GCI score that is 100. Advanced economies perform consistently better than the rest of the world. However, they still fall 30 points short of the ideal score. Singapore, the best performer overall, still falls 15 points short of the ideal. — Construction+ Online
