Singapore beats the US as world's most competitive country
Higher trade tariffs and lower life expectancy have pegged back last year’s No 1
Singapore has succeeded the US as the world’s most competitive nation, according to the World Economic Forum (WEF).
It scored highly for its public sector, labour force, diversity and infrastructure in the WEF’s 2019 Global Competitiveness Report. It was also ranked No 1 for life expectancy, with newborns expected to live to 74.
The US held the top spot in2018′s ranking but dropped to second this year. It scored highly for ease of finding skilled employees and for venture capital availability. It was also best for business dynamism.
However, the US dipped because of increasing trade tariffs, declining life expectancy and low digital skills among Americans.
The WEF reported that life expectancy in the US (66 years) is now only 39th in the world, lower than China (68).
In the overall ranking Hong Kong, the Netherlands and Switzerland came in third, fourth and fifth place respectively, while the UK was ninth.
The WEF report analyses 141 countries using 103 key indicators including institutions, macroeconomic stability and health.