Singapore overtakes the US to become world’s most competitive country, WEF says
October 10, 2019 @ 12:01 UTC
Singapore has overtaken the U.S. to become the most competitive nation in the world, according to the World Economic Forum (WEF).In its 2019 Global Competitiveness Report, the WEF measured the strength of 103 key indicators, such as inflation, digital skills and trade tariffs, across 141 countries.
The key indicators in the report were organized into 12 pillars, which included institutions, macroeconomic stability and health. The U.S., which held the top spot in 2018′s ranking, dropped into second place this year, although the report’s authors noted that it “remains an innovation powerhouse.” America received the highest score in the world in several subcategories, including ease of finding skilled employees and venture capital availability, with the U.S. also being ranked higher than any other country in the business dynamism pillar.
However, the country scored relatively low in some categories, with increasing trade tariffs, declining life expectancy and low digital skills among the American population taking a toll on the United States’ overall ranking. The WEF noted that life expectancy in the U.S. is now lower than it is in China, with the U.S. having only the 39th highest life expectancy in the world amid its ongoing opioid crisis. Singapore, named the most competitive economy in the world, scored highly for its public sector, labor force, diversity and infrastructure. On life expectancy, Singapore was ranked number one, with newborn children expected to live until the age of 74. In comparison, life expectancy in the U.S. is 66 years old, while in China it’s 68.
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