Singapore jumped 1.3 points to take the crown of world's most competitive economy from the USA in 2019 with a score of 84.8 points, according to the World Economic Forum's (WEF) 2019 Global Competitiveness Index. The top five was rounded out by Hong Kong (83.1), the Netherlands (82.4) and Switzerland (82.3).
Korea also ranked No. 25 in vitality of businesses, three spots lower than last year, and No. 88 in public perception on ownership risks, falling 11 spots from last year. It is less competitive in areas of information and technology (ICT) adoption at 8th place, infrastructure, also at 8th, and health at 7th.
Singapore scored 84.8 out of 100, but the Forum noted that the country had benefited from trade diversion through its ports triggered by the tariff battles between the world's top economies.
Singapore topped all 141 economies based on productivity, overtaking the United States.
The report, which is now in its 40 yr, reveals that India is amongst the worst-performing BRICS nations together with Brazil, which was ranked 71st this yr.
Launched in 1979, the Global Competitiveness Report provides an annual assessment of the drivers of productivity and long-term economic growth.
Commenting on the ranking, the Hungarian finance ministry said the score is an acknowledgement of Hungarian economic policy which aims to further improve competitiveness while maintaining macroeconomic stability.
Nonetheless, these distinct metrics disagreement with predominant shortcomings in one of the most fundamental basic enablers of competitiveness in case of India, the WEF stated, whereas flagging little ICT (data, communications and abilities) adoption, heart-broken smartly being prerequisites and low wholesome lifestyles expectancy. However, it ranks high on macroeconomic stability (43) and market size (3).
It was too early to assess the impact of some of the operative factors in the world economy over the past year, said the authors of the report.
Singapore has become the world's most competitive economy in 2019, pushing the United States to the second place.
South Africa's competitiveness has regained momentum after the recent political landscape shift and climbed seven places in 2019. Vietnam jumped 10 spots from previous year to rank 67th out of 137 countries.
"Product market efficiency (50.4, 101st) is undermined by a lack of trade openness (43.9, 131st) and the labour market is characterised by a lack of worker rights' protections, insufficiently developed active labour market policies and critically low participation of women (ratio of female workers to male workers of 0.26, 128th)", it said. That conclusion was reached by measuring the level of inflation and the sustainability of fiscal policy, according to the report.