Regional News
Singapore has nudged aside Sweden to claim second spot in the latest global competitiveness ranking as it continues to tread on a sure footing of economic growth and strong public institutions.
It moved up from third position last year – maintaining its lead among Asian economies – losing out only to Switzerland in the latest annual World Economic Forum (WEF) Global Competitiveness Report released in Geneva on Wednesday.
The United States continues its decline for the third year straight, falling one more place to fifth position.
In addition to macroeconomic vulnerabilities that continue to build, concerns about government inefficiency and low public trust in politicians continue to weigh on its assessment.
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By: Esther Teo
Source: Straits Times, Sept. 8, 2011
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