Singapore reclaims top spot in world ranking of competitiveness

Republic overtakes Switzerland, Denmark with robust performances in all 4 categories

- Colin Tan

After being adrift for the past three years, Singapore climbed three rungs and regained the top spot in the IMD World Competitiveness Ranking in 2024 against a field of 67.

“Singapore’s performance marks a return to form; last occupying first place in 2020, it then fell to fifth, third, and finally fourth in the following years, while Denmark and Switzerland performed a tussle for power over the top spot,” said the Switzerland-based International Institute for Management Development (IMD), which produces the benchmark based on 333 competitiveness criteria.

Coming in ahead of Switzerland and Denmark, the Republic posted robust performances across all four categories that comprise economic performance, government efficiency, business efficiency and infrastructure.

Among these, Singapore stood out for business efficiency by clinching the top spot among its peers on the index for the underlying factors of labour market – up three spots – and attitudes and values with a 12-position climb. It also shot up 21 rungs to the No. 2 spot in terms of management practices.

The Republic also took pole position in technological infrastructure, boosting its standing to No. 4 in the overall infrastructure category, from No. 9 previously.