SINGAPORE has lost its top spot in a closely watched ranking of economic competitiveness.
A recovery in financial markets pushed the United States (US) back to first place alongside Hong Kong, while higher cost of living pressures dragged Singapore down to third place, in the annual IMD World Competitiveness report.
After growing 14.5 per cent last year, it is no surprise that Singapore ranked second among 59 countries in terms of the competitiveness of its domestic economy.
But rising cost of living pressures from steeper property prices, and higher food, energy and transport costs showed up in the index, where the Republic fell from 47th to 54th in terms of price competitiveness.
Singapore edged into first place last year, on the back of a resilient recovery from the global economic recession. It had alternated with Hong Kong for second and third place for many years, while the US had been top since 1994.
Dr Stephane Garellli, director of the World Competitiveness Centre at Swiss business school IMD, said: 'The world of competitiveness becomes more national. 'World Competitiveness 2.0' is thus characterised by a greater self-reliance of countries. It increasingly emphasises re-industrialisation, exports, and a more critical look at de-localisation. This trend is triggered by the rise in commodity and transport prices and higher labour costs in emerging economies.'
-- ST
economic sustainability comes with a healthy national economy, which is essential for a sustainable and liveable community. It requires the resources to be well distributed and allows its citizens and the communities to prosper. This implies an emphasis on high employment and a reasonable tax base to support services, leading to healthier lifestyles and greater opportunities for personal fulfillment so that a higher standard of development is achievable with provision of more services to enjoy an overall higher quality of life.
Originally posted by QX179R:SINGAPORE has lost its top spot in a closely watched ranking of economic competitiveness.
Unbalanced political stability affects economic outlook of a country. With the rising opposition, not surprising that we have fallen down the stairs.
None of the Aljunied WP team members are economic or financed trained. Something lacking here as compared to Mdm Lim Hwee Hua who held the financial portfolio and has extensive Temasek experience.
U know why? THERE IS NO EQUAL DISTRIBUTION OF INCOME. The poor r extremely poor. The rich revel in their prosperity which grows every year.
Originally posted by Bhw33:U know why? THERE IS NO EQUAL DISTRIBUTION OF INCOME. The poor r extremely poor. The rich revel in their prosperity which grows every year.
Agree 100 percent. The income disparity or income gap grows.
Economy grows but wealth not distributed evenly like Taiwanese economy grow but only rich can feel, poor cannot.
PAP are obsessed with GDP growth, time to consider distributing wealth more evenly.
Our Gini coeficient is quite high.
Another thing to note is time to emphasize more on gross national happiness.
High property prices, overcrowding at MRT and transport system,stressful education system,road congestion, income disparity,foreign talent policy and other important issues must be addressed.
My relative's salary 10 years never increased le.. sad case.
Everywhere I go I see foreigners, we dont even need to go overseas.
Originally posted by Redwhite spore:Unbalanced political stability affects economic outlook of a country. With the rising opposition, not surprising that we have fallen down the stairs.
None of the Aljunied WP team members are economic or financed trained. Something lacking here as compared to Mdm Lim Hwee Hua who held the financial portfolio and has extensive Temasek experience.
Better a well-meaning idiot than an evil genius. The former may not be good at anything, the latter very good at making people suffer.
I stand by what I said. Old Hua's career being brought to a premature end is a cause of jubilation for me.
Yes, the WP team has alot of laywers, just like old LKY is one. I also stand by what I said about my wine getting drunk when he finally fades into the cold night. He just ruined his own reputation, lost his power as a consequence, this may come about soon.
what news is this? everyting also want to be the first - for fuck?