Under The Angsana Tree: World Competitiveness Index 2023

Singapore drops one spot on global competitiveness index, now ranked 4th

Singapore drops one spot on global competitiveness index, now ranked 4th

© The Independent Singapore

The International Institute for Management Development (IMD) published the 2023 World Competitiveness Ranking earlier this month, showing that Singapore has slipped by one spot and is now ranked fourth.

Singapore ranked first on the list in 2019 and 2020 before falling to fifth place in 2021. Last year, the city-state was ranked third. Denmark has taken the pole position for the second year in a row, followed by Ireland and Switzerland, respectively. Following Singapore’s fourth-place ranking are the Netherlands (fifth), Taiwan (sixth), Hong Kong (seventh), Sweden (eighth), USA (ninth), and UAE (tenth). Ireland’s jump from 11th in 2022 to second place this year is noteworthy.

The report says that the economies in the top four spots “make good use of their access to markets and trading partners.” The criteria for evaluating each nation’s competitiveness may be broken down as follows: business efficiency, economic performance, government efficiency, and infrastructure.

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World Competitiveness Ranking

IMD’s World Competitiveness Center’s latest report on global economic competitiveness gives leaders guidance for navigating a “fragmented” world

Denmark, Ireland and Switzerland have been named the top three among 64 economies measured for their global competitiveness in the 2023 IMD World Competitiveness Ranking, published today by the World Competitiveness Center for the 35th consecutive year.

Denmark maintained its grip on first place from last year, when it enjoyed a momentous inaugural rise to the top, Ireland made a remarkable leap from 11th to take second place, and Switzerland held its nerve in third, after dropping from second place in 2022 and first place in 2021.

All three are small economies that make good use of their access to markets and trading partners – as does Singapore, which came fourth.

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World’s most expensive city 2023

The Top 10 Most Expensive Cities in the World Right Now

Many of the major cities around the world are known for the allure of bustling nightlife, efficient public transportation and a unique culture that draws in foodies, lovers of the arts and adventurers alike. And while the offerings of well-known places like Tokyo, Japan, London, England and New York City are usually enough to make them ideal destinations for vacations and the backdrops that inspire wanderlust Instagram captions, there’s no denying that they are more often than not, quite expensive.

From the rising cost of living to the fluctuating real estate market and food and transportation costs, we’ve outlined the most expensive cities in the world as determined by the Economic Intelligence Unit's latest survey. The EIU focuses on country reports and economic forecasts through research and analysis. The survey, which was conducted from August 16 to September 16, 2022, tracks expenses including services and goods in 172 cities around the world.

Don’t get us wrong, many of these places will easily make for amazing girls trip getaways, extremely luxurious family vacations and some may even convince you to pick up everything, buy a house and make a new life for yourself in a different part of the world. However, if you’ve landed on this page purely out of aspirational interest we also have some of the most affordable places to travel that may also catch your attention: