Singapore has been ranked as the most competitive country in the world for 2024, climbing from fourth place last year.
This marks the first time since 2020 that Singapore has claimed the top spot, surpassing countries like Switzerland and Denmark.
2024 World Competitiveness Yearbook
The ranking was published by the International Institute for Management Development (IMD) in Lausanne, Switzerland, which released its 2024 World Competitiveness Yearbook.
The top ten countries in the global competitiveness ranking are Singapore, Switzerland, Denmark, Ireland, Hong Kong, Sweden, the UAE, Taiwan, the Netherlands, and Norway.
The United States ranked 12th, China 14th, South Korea 20th, Malaysia 34th, and Japan 38th.
The World Competitiveness Yearbook evaluates countries based on four main criteria: business efficiency, government efficiency, infrastructure, and economic performance.
Malaysia dropped 7 places
Malaysia’s position at 34th is a drop of seven places from last year.
The country experienced a decline in several key areas, including business efficiency, where it fell 19 places to 35th, and government efficiency, which dropped three places to 17th.
However, Malaysia saw improvements in infrastructure, rising one place to 28th, and economic performance, climbing three places to 18th.
Singapore excel in technological infrastructure
Singapore showed significant progress in government efficiency, business efficiency, and infrastructure.
Government efficiency and business efficiency each leapt from seventh and eighth places last year to second place, while infrastructure improved from ninth to fourth place.
On a macro level, Singapore ranked first in labor market, attitudes and values, and technological infrastructure.
Despite these strengths, the report highlighted areas for improvement, noting that Singapore ranked 62nd in prices, 28th in health and environment, and 11th in social framework.
