Singapore has overtaken Sweden to take the second spot in the latest World Economic Forum (WEF) Global Competitiveness Ranking, as it develops economic growth and solid public institutions.
The country advanced from third place, securing its lead among other Asian economies, while the UK returns to the top 10 as it recovers from the financial crisis.
For its gross domestic product (GDP) performance, the city-state ranked 40th at US$222.7 billion, trailing behind Hong Kong at US$225 billion. The country’s GDP per capital stood at US$43,117, placing it in the 15th spot, behind Finland but ahead of Japan, which landed in 16th place at US$42,820.
Meanwhile, most economists expect the country’s economy to grow by 5.3 percent this year, down 6.2 percent from the median forecast three months ago.
This new prediction is within the lower end of the government’s forecast, which was adjusted last month to a range of five to six percent.
The Monetary Authority of Singapore’s (MAS) latest Survey of Professional Forecasters revealed that the economy is expected to grow 5.5 percent in Q3, which pales in comparison to the 6.8 percent given in June.
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