Finland has been ranked the 11th most competitive country by the World Economic Forum.
Singapore scored 84.8 out of a 100 on WEF's scale, beating other countries especially in terms of infrastructure quality and the openness of its economy, the organisation said in a report released on Tuesday.
According to WEF, Singapore comes out on top with a score of 84.8, +1.3 from past year, while the U.S. is in second place with 83.7, -1.9 since 2018. Hong Kong SAR is ranked 3rd, Netherlands is 4th and Switzerland is ranked 5th.
The country has also not done its self any favours when it comes to fostering a more friendly business environment. "Subdued growth, rising inequalities and accelerating climate change provide the context for a backlash against capitalism, globalisation, technology, and elites", the WEF warned. "Furthermore, the geopolitical context is more challenging than in 2007, with gridlock in the worldwide governance system, and escalating trade and geopolitical tensions fuelling uncertainty, which holds back investments, and increases the risk of supply shocks".
"This holds back investment and increases the risk of supply shocks: disruptions to global supply chains, sudden price spikes or interruptions in the availability of key resources", the report said.
Led by Mauritius (52nd), sub-Saharan Africa is overall the least competitive region, with 25 of the 34 economies assessed this year scoring below 50.More news: Bernie changes "nature of campaign" after heart attack
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But, these positive metrics contrast with major shortcomings in some of the basic enablers of competitiveness in case of India, the WEF said, while flagging limited ICT (information, communications and technology) adoption, poor health conditions and low healthy life expectancy.
South Africa's competitiveness has regained momentum after the recent political landscape shift and climbed seven places in 2019.
WEF said on Wednesday that "persistent weakness" in productivity growth in the last 15 years or so meant the global economy was more "frail".
Zahidi said that the United States had also fallen in the rankings because healthy life expectancy in the country was now lower than in China.
Some aspects of this category have achieved "remarkable progress", including restored balance of powers across different state's entities (16th), enhanced administrative efficiency of the public sector (39th) and corporate governance (26th). The country's macroeconomic stability rank also slid 12 notches to 55th from 43rd, with the report noting that the inflation rate of the country is just easing this year after it was at a nine-year high last year.
The accessibility of fiber optic broadband internet access also "remains the privilege of the few", the report added.