For the first time in nine years, Singapore surpassed the United States and Hong Kong to clinch the title of the world’s most competitive economy, according to annual rankings compiled by Switzerland-based business school IMD.
In the decades after independence, Singapore rapidly developed from a low-income country to a high-income country. The overall growth of the Singapore economy was 3.2% in 2018 and Singapore had been following a simple recipe for competitiveness. Some considered Singapore to be a developed country, the fact is that Singapore is still a developing country, albeit a more advanced one, Singapore lacks depth in R&D and other capabilities that will ensure continued demand for our goods and services.
Singapore’s immigration laws, advanced technological infrastructure, availability of skilled labour and efficient ways to set up new businesses helped it advance to the top, IMD’s 2019 World Competitiveness Rankings found.
If expatriates have a housing allowance in Singapore they will live comfortably. Otherwise, it can become quite expensive. Singapore is one of the world’s most expensive cities
The top 10 economies by competitiveness. According to IMD: Singapore, Hong Kong SAR, USA, Switzerland, UAE, Netherlands, Ireland, Denmark, Sweden and Qatar.