The global league table is based on 12 pillars, namely institutions, infrastructure, ICT adoption, macro-economic stability, health, skills, product market, labour market, financial system, market size, business dynamism and innovation capability.
Singapore scored 84.8 points compared to the US’s 83.7 points. The country ranked first for infrastructure pillar, citizens’ health and labour markets. Other high-scoring areas included the financial system, market efficiency and macroeconomic stability.
The report suggested in order to become a global innovative hub, Singapore needs to promote entrepreneurship and further improve its skills base.
The US dropped to the second place with 83.7 points, which was lower than the 85.6 points it recorded in 2018. Despite an overall weaker performance this year, the WEF said the US remains one of the most competitive economies in the world. It is still an innovation powerhouse, ranking 2nd on the innovation capability pillar, and 1st in terms of business dynamism, boasting the second-largest market, and home to one of the most dynamic financial systems in the world.
Meanwhile, Hong Kong (China), the Netherlands and Switzerland came in third, fourth and fifth, respectively.
Vietnam is ranked 67th, moving up ten places from the 2018 ranking.