Singapore Most Competitive, HK Second: Report

Singapore has been ranked as the world's most competitive economy, stealing the top spot from the United States, according to the latest report by the Switzerland-based International Institute for Management Development (IMD).

Hong Kong’s ranking, meanwhile, remains unchanged at second place.

It's the first time since 2010 that Singapore has taken the top spot.

The IMD says the Lion City's rise was driven by its advanced technological infrastructure, the availability of skilled labour, favourable immigration laws, and efficient ways to set up new businesses.

The United States, who failed to hold onto the top spot, slipped to third place. The report attributed the fall to higher fuel prices, weaker hi-tech exports and fluctuations in the value of the dollar.

Hong Kong held onto the second place, helped by a benign tax and business policy environment and access to business finance.

The SAR also maintained its top ranking in government efficiency for the 5th consecutive year, but its ranking for business efficiency slipped one spot to the second place.

China's overall competitiveness slipped one spot to secure the 14th place.

The annual IMD report assesses 63 economies on four factors: economic performance, government efficiency, business efficiency and infrastructure.