Singapore is Asia’s most competitive economy again

According to a new report, Singapore has the most efficient administrative service in the region, and provides the most favourable business environment.

For the fourth year running, Singapore has been ranked as the most competitive economy in Asia, reported TODAYonline, citing the 2016 Asian Competitiveness report.

Hong Kong came in second, followed by South Korea in third place. Rounding up the top six list – which has remained unchanged for the last three years – were Taiwan, Australia and New Zealand. Asia’s biggest economy, China, was listed ninth in each of those three years, including the year before.

Released at the Boao Forum for Asia Annual Conference in Hainan, China, the Asian Competitiveness report was launched in 2009, ranking 37 Asian economies including New Zealand and Australia, but excludes 16 smaller economies within the region.

“Singapore had the highest score in commercial and administrative efficiency. Also, for five consecutive years, it has kept the most efficient administrative service of the region and provided the most favourable business environment,” the report said.

The China Centre for International Economic Exchanges, which conducted the survey, listed the city-state third in human capital and innovation capability as well as infrastructure, fourth in overall economic strength, and sixth in social development.

Meanwhile, Hong Kong, which was lauded for its efficient, trustworthy and stable financial market and business system, was ranked behind Singapore in terms of commercial and administrative efficiency. It also emerged second for overall economic strength and infrastructure, as well as fourth in social development, but was placed 10th for human capital and innovation capability.

Formally inaugurated in 2001, the Boao Forum for Asia is a non-governmental and non-profit international organisation that seeks to promote and deepen cooperation, economic exchange and coordination in Asia, and between Asia and other parts of the world.

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg