Singapore-Singapore has climbed two places to become the world’s third most competitive economy after dropping from 1st to 5th last year.

Denmark and Switzerland were ranked higher than Singapore in the World Competitiveness Rankings of the Management Development Institute of Singapore (IMD), which released its latest list on Tuesday (June 14th).

IMD is based in Switzerland and Singapore.

Singapore, which took the top spot in 2019 and 2020, is the leader in the Asia-Pacific economy this year, with Hong Kong, Taiwan and China in fifth, seventh and 17th place in the world.

According to IMD, Singapore’s recovery is due to a significant improvement in the domestic economy, jumping from 15th to 1st, employment from 18th to 3rd, finances from 12th to 6th, productivity and efficiency 14th. I went up from 1st place to 9th place.

The Republic has won the top spot in both international trade and technological infrastructure, and is second in business legislation.

However, Singapore ranked 14th in management practices, 16th in scientific infrastructure and 25th in health and the environment.

“Executive emotion-based indicators also highlight concerns about hybrid working models and the overall appeal of city-states to highly skilled foreign professionals,” IMD said.

“If these concerns materialize, Singapore could hinder its ability to attract foreign talent in the coming years and reduce its long-term competitiveness.”

According to IMD, this year’s rankings show how various Covid-19 policies have helped or hindered the economic recovery from the pandemic.

Christ Scaboris, Chief Economist at IMD’s World Competitiveness Center to create rankings, said Covid-19 variants and the number of infected people around the world are among the global challenges that affect a country’s competitiveness. Said to be included. Various national policies to deal with pandemics from zero tolerance to virus coexistence. Similar to Russia’s invasion of Ukraine.

“Inflationary pressures are affecting most economies,” Caboris said.

“It’s clear that inflationary pressures are now amplifying supply chain bottlenecks that are already a problem around the world,” he added.

This year’s IMD World Competitiveness Ranking ranked 63 economies by measuring economic well-being through statistical data and survey responses from executives.

IMD said Russia and Ukraine were not included this year due to the limited reliability of the data collected.

Bahrain entered the ranking for the first time in 30th place.

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