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Singapore Loses Out to Hong Kong in Race to Be Most Competitive

Singapore Loses Out to Hong Kong in Race to Be Most Competitive

The latest results from IMD, a Swiss business school has put Hong Kong at the top of the world rankings for competitiveness. Singapore has dropped from third to fourth place. The IMD defines competitiveness as the ability of a country to create an environment in which businesses can generate sustainable value. The rankings are based on a combination of hard data and opinion surveys of more than 5,400 business executives covering four main areas: economic performance, government and business efficiency and infrastructure.

“The latest results from IMD, a Swiss business school has put Hong Kong at the top of the world rankings for competitiveness. Singapore has dropped from third to fourth place.”

~Bloomberg

Although both Hong Kong and Singapore boast low taxes, good infrastructure and easy procedures to open a business, Singapore has lost because exports in the trade reliant nation have come under pressure and there are now stricter rules on hiring foreign labour, which adds to business costs.

Related Reports: Bloomberg, Singapore Business Review

 

About IMD

IMD is a top-ranked business school. We are the experts in developing global leaders through high-impact executive education. All IMD programs and services focus on real-world challenges faced by executives. We work with our clients—individuals, teams and organizations—to resolve their issues, build capabilities and prepare for the future.

Based in Switzerland and also operating out of key locations worldwide including our Executive Learning Center in Singapore, IMD shares its host nation’s commitment to excellence while offering a unique global experience. Consistently at the top of rankings, we are intellectually and culturally diverse with no single dominant nationality and no one world view.

Visit: IMD


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