9. IMD WORLD COMPETITIVENESS YEARBOOK IMD WORLD COMPETITIVENESS YEARBOOK 8. The World Competitiveness. ( rankings. The IMD World Competitiveness Yearbook measures how well 61 countries manage all their resources and competencies to facilitate. IMD, a top-ranked global business school based in Switzerland, today [22 May ] announced its annual world competitiveness ranking.
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But the impact of Singapore’s ongoing restructuring effort showed up in its relatively compftitiveness performance on indicators such as productivity, the labour market and sentiment-related factors.
Arturo Bris, director of the IMD World Competitiveness Center, which ranks annually nations’ ability to foster an environment that sustains the competitiveness of enterprises, said: Hong Kong was the surprise of the year.
He added that both are now closing in on top-ranked US. Singapore’s score rose to 95, from 91 last year, while Hong Kong’s rose to 96 from Economies are scored relative to the top economy, which is assigned a score of Singapore November manufacturing beats forecasts with 7.
He also noted that the areas in which Singapore’s competitiveness declined tended to be “softer” ones such as attitudes to globalisation, corporate values and management practices, which draw from survey data. Hard data that can be measured – such as GDP – accounts for two thirds of the overall ranking, while the remaining third is drawn from IMD’s survey of competjtiveness based in each location.
#UAE in #IMD World Competitiveness Yearbook
Economies nearby are catching up, Singapore has lost its competitive edge in some areas, real estate is extremely expensive. In that sense, there is the sentiment that Singapore’s growth potential is reaching its ceiling,” he said. These less positive perceptions could be the yearblok of uncomfortable adjustments that enterprises and executives alike have had to make as the government shifts the economy towards a more productivity-driven, less labour-reliant one, said economists based here.
Restrictive labour gearbook, tight property measures and high operating costs are probably hurting competitiveness and investments,” said Bank of America Merrill Lynch economist Chua Hak Bin. Some of the IMD World Competitiveness Yearbook’s wolrd of business efficiency, for which Singapore lags behind Hong Kong, speak both of the reasons for and impact of ongoing economic restructuring. On productivity and efficiency, Singapore ranked 12th compared to Hong Kong’s sixth – paling in comparison on measures such as the productivity of small and medium enterprises and workforce productivity.
But this was already an improvement over its ranking of 15th in Singapore’s competitiveneess market was ranked 11th, versus Hong Competiitiveness third. DBS economist Irvin Seah said: Some of the policy measures introduced have made Singapore less competitive, affected our ability to latch onto new opportunities.
IMD’s report said Singapore’s labour market trailed Hong Kong on factors such as the availability of finance skills, competitivenesss senior managers, and international experience, as well as apprenticeships, working hours and worker motivation. Centennial Asia economist Manu Bhaskaran said that attention should be paid to perceptions of the key factors that make the economy attractive too. Those factors drew the fewest votes from executives polled by IMD on the characteristics they believe are most attractive about Singapore’s economy.
Sharing this concern, Dr Chua said: He thinks Singapore risks losing its competitiveness standing not just to Competitivenese Kong, but also to other fast-growing, emerging Asian cities such as Shanghai, in future.
What comoetitiveness most attractive about Singapore, according to the IMD report, is its infrastructure, policy stability and government competency. Prices and costs remained an area that Singapore was significantly less competitive in.
Prof Bris thinks that this is inevitable. There is a constrained supply of real estate, commodities – so prices have to be high.
Skip to main content. Singapore still 3rd most wprld, HK rises to 2nd: Impact of restructuring shows up on indicators of productivity and labour market.
A brief comparison of the World Competitiveness Yearbook and the Global Competitiveness Report
Thu, May 28, – 5: Teh Shi Ning tshining sph. Singapore has again been ranked the world’s third most competitive economy by business school IMD, but lost its top spot on the Asia Pacific ranking to Hong Kong, which also by-passed Switzerland in its rise from fourth to second place in the world rankings.
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IMD World Competitiveness Yearbook Results
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