According to The World Economic Forum’s (WEF) latest competitiveness survey Singapore retained its second position as the world’s second most competitive economy, behind Switzerland, which has kept its title for the fourth running year.
Being a major cross road between the Pacific and Indian Ocean Singapore was considered a third world country. Due to strong scores in areas such as innovation, labour market efficiency and effective public institutions within 40 years Singapore became a booming economy with transparent laws and a strong banking system. This is also due to the fact that within the Global Economic Crisis many companies looking for a safe banking and regulating system have moved their operations in Singapore. Singapore’s Central bank’s statistics show that Singapore has overtaken Japan’s foreign exchange volume which established Singapore as Asia’s biggest foreign exchange centre. Now Singapore ranks third as a foreign exchange trading market after the U.K. and U.S. foreign currency markets.
In order to give conclusion the surveyors examined 113 indicators in 144 countries. Another 2 Asian countries Hong Kong and Japan were in list of top 10 competitive economies.