Singapore has overtaken the United States as the most competitive economy in the world. According to World Economic Forum (WEF), Singapore comes out on top with a score of 84.8, while the US is in second place with 83.7.
Hong Kong came in third while the Netherlands came in fourth, and Switzerland 5th. Singapore’s sub index rankings shows it has improved across most indicators: every year the World Economic Forum (WEF) releases its benchmark global competitiveness report that looks at 98 indicators across 140 countries to determine the overall ranking.
Each indicator uses a scale from 0 to 100, to signify how close an economy is to the ideal state or “frontier” of competitiveness.
Those indicators are then organized into 12 pillars, such as health, skills, financial system, infrastructure, and institutions. It uses surveys as well as official government and statistical data.