Singapore tops the list as the world’s most competitive country, ahead of the United States and China. The 2019 Global Competitiveness report ranks the U.S. and Hong Kong at second and third. According to the ranking, the country’s robust infrastructure, labour market, and health put the country at the peak of global competitiveness.
On the other hand, the U.S. lost the seat due to decreased life expectancy and America’s absence of vital skills necessary for the 21st Century. Nevertheless, the U.S. still remains the global innovation powerhouse and the most competitive large economy.
Singapore had an aggregate score of 84.8, whereas the United States secured 83.7. Hong Kong followed closely at 83.1. Life expectancy in the country is 74.2 years as compared to 66.6 years in the United States.
While Singapore leads the pack, the country still needs to invest in entrepreneurship as well as boost its skill base. Nevertheless, the country has shown an upward trajectory in its competitiveness, encouraged by infrastructure and business-friendly regulations.