Singapore in 3rd Place In Its Ranking for Global Competitiveness
Thanks to its Covid-19 policy, Singapore ranks 3rd place in its global competitiveness. This cements it as the third-most competitive country economically worldwide.
Singapore comes in behind Denmark and Switzerland. Singapore has held the top spot where the Asia-Pacific countries are concerned. It has held on to its high ranking since 2019.
A Strong Recovery Thanks to Its Domestic Economy
Singapore’s recovery was largely attributed to massive improvements in its domestic economy. The Republic bounded to 1st place from the 15th spot. Employment is now in the third spot while public finance is at the 6th place.
Singapore clinches the top spot as far as technological infrastructure and international trade goes. Its business legislation practices are not ranked second. The hybrid work models are one of the country’s major attractions and the reason why it has attracted highly-skilled foreign talent.
Attracting highly-skilled overseas talent has definitely contributed to Singapore’s competitiveness.
Effective Covid-19 Measures Helped Boost Recovery
The Government’s support measures during the Covid-19 have played a part in Singapore’s robust recovery. The support measures that were implemented gave businesses a much needed boost during a difficult time. The measures have also helped ensure the locals keep their jobs intact.
Singapore was in a strong enough position that the Government could roll out support measures for industries like hospitality and aviation. At the same time, it was also in a strong enough position to scale back its support measures for the retail and F&B sector that was still recovering. Simultaneously, the Republic was still capitalising on new trends like Fintech so it didn’t miss out on new opportunities.
Singapore’s Covid-19 support measures were so effective because they allow businesses to know what’s coming. When they knew what to expect, they could then plan accordingly for what needs to be done. Moving forward, Singapore plans to keep doing things confidently and stick to the goals that have been set.
Throughout the tumultuous Covid-19 period, Singapore has managed to stay transparent as an international business hub. This is how it managed to hold on to its strong momentum and keep its goods and services flowing smoothly. Transparency is key for businesses, customers, and investors so everyone could be on the same page.
Where Singapore’s sustainability efforts are concerned, it’s more of a marathon than a race. Yes, sustainability measures might cut in on a business’s cost, but in the long-run, carbon tax is still a good incentive. Better business practices will collectively create a much better system down the road.
