It’s official — Singapore is now the world’s most competitive nation.
In the latest edition of the World Competitiveness Yearbook released by the Lausanne-based Institute for Management Development (IMD), Singapore dethroned the United States from its 16-year reign at the top. Hong Kong comes in a close second after the Lion City.
The yearbook is widely regarded to be the most updated and comprehensive ranking of the management of governments, businesses, people and infrastructure in industrialised and emerging nations. 58 key countries are assessed based on 320 different criteria including economic performance, government and business efficiency, exports, level of corruption and infrastructure.
Under business efficiency, it listed key criteria such as productivity, labour market, finance, management practices as well as attitudes and values.
Switzerland, Australia, Sweden, Canada, Taiwan, Norway and Malaysia make up the Top 10.
I was curious how Singapore make it to the top. Comparing with the US, Singapore is just a red dot. If I would compare the management of Singapore with the US, Singapore tends to use a tradition way while the US uses the modern way. Traditional way as in the jobs are stable and inflexible. Modern way as in the jobs are dynamic and flexible. So I think Singapore will not win the US when the US settle down.
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