China leads emerging economies in latest global competitiveness ranking: WEF report

Singapore scored 84.8 out of a possible 100 beating the United States to the top spot in the rankings of 141 economies

Singapore scored 84.8 out of a possible 100 beating the United States to the top spot in the rankings of 141 economies

According to WEF, Singapore comes out on top with a score of 84.8, +1.3 from a year ago, while the U.S. is in second place with 83.7, -1.9 since 2018.

Announcing its most up-to-date index, the WEF stated on Wednesday India ranks high when it involves macroeconomic balance and market dimension, whereas its financial sector in all equity deep and right no subject the high delinquency fee, which contributes to weakening the soundness of its banking machine.

Commenting on the ranking, the Hungarian finance ministry said the score is an acknowledgement of Hungarian economic policy which aims to further improve competitiveness while maintaining macroeconomic stability. At the same time, health conditions remain poor, as reflected in low healthy life expectancy (59.4 years, 109th), which is one of the shortest outside Africa and significantly below the South Asian average.

Besides, India needs to increase its skills base, while a lack of trade openness undermines its product market efficiency. The last place in the ranking belongs to Yemen and Chad. The report, he noted, has recognised the government ability to respond promptly to global transformations and to adopt the most advanced technologies.

With a score of 84.8 out of 100, Singapore is the country closest to the frontier of competitiveness. A number of similarly placed economies like Colombia, South Africa and Turkey improved over the past year and hence have overtaken India.

On the same day the World Bank cut its growth outlook for Russian Federation, the WEF also raised concerns about the ability of countries to battle the next global slowdown.

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The World Competitiveness Index (GCI), which used to be launched in 1979, maps the competitiveness panorama of 141 economies by 103 indicators organised into 12 pillars.

Singapore's rise was partly propelled by the slide in the performance of the USA, which fared better in trade openness previous year.

Meanwhile, Hong Kong (China), the Netherlands and Switzerland came in third, fourth and fifth, respectively.

"The world is at a social, environmental and economic tipping point", the report said adding that "subdued growth, rising inequalities, and accelerating climate change provide the context for a backlash against capitalism, globalization, technology, and elites".

"Hong Kong's biggest weakness is undoubtedly its limited capability to innovate", the report said, adding that the region also lags behind Singapore in worker protection.

The WEF lowered the US competitiveness to the second place partly due to the country's trade uncertainty, as its trade openness is more than four points lower than that in 2018, according to the report. Vietnam is a country whose score improved the most globally, jumping 10 places to 67th place.

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