Singapore becomes the most competitive country in the world

The Global Competitiveness Index (GCI) of the World Economic Forum 2019 that evaluated 141 economies revealed a balance of the competitive landscape that measures macroeconomic stability factors in the world, placed Singapore as number one, with a strong financial system, economic capacity and progress in health and education policies.

The United States is now in second place by a difference of 1.1 points and although Washington still occupies the first place in the world in terms of infrastructure, efficiency and macroeconomic indicators, the competitiveness of the US economy has been affected by rising prices of fuel, the weakening of high-tech exports and fluctuations in the dollar exchange rate.

Analysts say this is a consequence of policies of the US president Donald Trump, due to the commercial conflict he has with China. Such scenario has generated uncertainty in business leaders, who said that the opening of this conflict contributes to the decline in the Competitiveness Index.

Singapore led the ranking due to its developed technological infrastructure, skilled workers, favorable immigration legislation and efficiency in the creation of new businesses.

This Asian country along with the United States, Hong Kong, Holland and Switzerland formed the group of the five most competitive countries in the world. Hong Kong rose four points compared to last year’s report. Accordingly, the financial center received strong evidences for its stability and macroeconomic policies compared to the other countries mentioned above, although its capacity for technological innovation was insufficient.

K.Villarroel

Source: bancaynegocios