By Nikki De Guzman:
Singapore landed on the third spot among the world’s most competitive cities by 2025, according to a recent report by leading global bank Citigroup (Citi).
Titled “Hot Spots 2025: Benchmarking the Future Competitiveness of Cities,” the list assessed and ranked the cities based on several factors including economic size and growth, business and regulatory environment, quality of human capital, cultural aspects as well as quality of environmental governance.
Singapore ranked highest among other Asian cities, with Hong Kong landing at the 4th spot. The city-state ranked first in terms of physical capital; financial maturity; and environment and natural hazards while it placed third in global appeal.
“None of this is surprising given the city’s efficient transport system, lean bureaucracy, safe and clean environment, and its increasingly high international reputation,” said the report.
Singapore moved 27 places to the 10th human capital category due to its focus on improving quality education while dropping 24 places to 39th in the economic strength category, displaced by the 20-plus cities from Asia that dominate the top 30 positions.
Singapore’s demographics weigh on its competitiveness with its working-age population projected to be stagnant at 3.6 million between 2012 and 2025, highlighting the need to “ensure that the city remains a hub open to the flow of people, ideas, capital and goods and services,” the report noted.
Meanwhile, New York and London were ranked first and second place among the hotspots.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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