Singapore Earns World's Top Spot in Economic Competitiveness

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Singapore has jumped ahead of Hong Kong and USA and earned the top spot in global ranking of economic competitiveness as reported by Swiss business school IMD.

We expect that the IMD report will further reinforce the confidence of potential enterprises and entrepreneurs that are considering incorporating in Singapore.

In the World Competitiveness Yearbook 2010 released by Swiss business school Institute for Management Development (IMD) yesterday, Singapore has surpassed Hong Kong and the United States to grab the title of the "Most Competitive State in the World". The ranking features 58 emerging and industrialized countries which are evaluated based on 300 criteria such as economic performance, government and business efficiency, infrastructure, exports, and the level of corruption.

Singapore reportedly fared well in the areas of government and business efficiencies. The IMD also conducted a Debt Stress Test, where Singapore also fared well. The report said the city-state's debt is 48.01 per cent of its GDP. It has been reported that the older industrialized nations such as Japan and Germany will be saddled by their debts for a longer period. The US which was reigning the list as the top nation for 16 years has been toppled by the two Asian tigers, Singapore and Hong Kong seizing the first and second place respectively. The competitiveness report in the backdrop of the crippling global economic crisis not only evaluated the improved performance but also assessed their tenacity to turnaround the recession.

The Asian economies displayed strong resilience and quickly rebounded from the crisis and Singapore with its well thought out bail out package has wriggled out of the recession to demonstrate an incredible growth rate in the first quarter. Being surrounded by the growing markets the city state is endowed with good leverage to attract investments and businesses.

Mr. Darren Leow, a senior member of the editorial team at said, "Singapore truly deserves the title, as an island state deprived of any natural resources or a vast market it has evolved into an economy resounding with success and sustained growth just by leveraging on the human resource and geographic location. The government is proactive and ensures that its economic policies are relevant and promote growth. It is no wonder that the world's leading firms, budding entrepreneurs, venture capitalists are all looking to set up a Singapore corporation or a Singapore branch office for their business operations in Asia. Apart from a friendly tax regime, a number of other contributing factors such as ease of doing business, efficient legal system, excellent protection of intellectual property, etc. attract businesses from all over the world to Singapore. We expect that the IMD report will further reinforce the confidence of potential enterprises and entrepreneurs that are considering Singapore incorporation."

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Carolyn Zheng
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