Singapore becomes the most competitive economy of the world, edges U.S.
The World Economic Forum reported on Wednesday Singapore as the world’s most competitive economy ahead of the formerly top-notched United States.
The index considered several factors including macroeconomic stability, infrastructure, labor market, and innovation capability.
Coming in next to the Asian city-state is the United States, placing second overall in 2019 edition of the competitiveness report.
The U.S.-China trade disputes played a crucial role in Singapore and even Vietnam to churn out key figures. It also affected the U.S.’s performance as it was edged out by Singapore.
It was noted in the report as well that Vietnam and Singapore economies “appear to be benefiting from global trade tensions through trade diversion.” Vietnam was found 10 notches higher than last year, placing 67th out of 137 countries.
In the first five months of 2019, Vietnam exports to the U.S. increased by 36%, as firms looked for other sources away from China to avoid larger tariffs.
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