16/06/2020
For the second year in a row, Singapore has been ranked the world’s most competitive economy according to the International Institute for Management Development (IMD) World Competitiveness Rankings. IMD’s report looks into countries’ competitiveness, or the ability to compete and sustain long-term economic growth for the well-being of its citizens. For this year, the rankings were derived from a combination of statistics for 2019 and survey data from February to April this year.
Our key strengths, such as an open economy, sound business legislation, advanced technological infrastructure and skilled labour force, are some of the factors that enabled us to distinguish ourselves from the competition. These are the tangible and intangible strengths that we have been developing over many years and reflects the strong foundations of our economy. However, we cannot afford to become complacent.
As I mentioned in my National Broadcast on Sunday, we must continue to build on these strengths in order to overcome the unprecedented economic challenge that COVID-19 has presented us. This will allow us to better identify the opportunities available, and put us in a favourable position to rebound strongly when the global economy recovers. Our efforts must include transforming our enterprises and upskilling our labour force to stay nimble and relevant. While the challenges may seem insurmountable, I am confident that we will see through this crisis and emerge even stronger, if we work and stay united as one people. CCS
