ASEANews HEADLINES: ASEAN ECONOMY: SINGAPORE- Singapore loses its top spot in global competitiveness study, now ranks 5th

SINGAPORE – Singapore has tumbled from its top spot as the world’s most competitive economy to fifth place, but remains Asia’s top performing economy.

The Republic ranked first in the past two years of the Institute for Management Development (IMD) World Competitiveness Ranking, whose latest list was released on Thursday (June 17).

IMD is based in Switzerland and Singapore.

Switzerland topped the league table, followed by Sweden, Denmark and the Netherlands.

IMD said: “Singapore managed to top the economic performance factor, one of four factors in the ranking, but fell to ninth in global business efficiency and 11th in global infrastructure.

“It ran into problems with job losses, lack of productivity and the economic impact of the pandemic. Similar to other countries that declined, Singapore experienced a shrinkage in its economic activity, in particular, a sharp decline in employment growth, and a sizeable worsening in public finances due to an increase in both government deficit and public debt.”

READ MORE: https://aseanews.net/2021/06/18/asean-economy-singapore-singapore-loses-its-top-spot-in-global-competitiveness-study-now-ranks-5th/

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SINGAPORE

Reported +27 new cases, taking the total to 62,366 and +0 new death, tally now 34 deaths.

The coronavirus COVID-19 is affecting 220 countries and territories around the world and 2 international conveyances.

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COVID-19 infection crosses 178.16 million globally as deaths cross 3.85 million.

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Here is the GLOBAL status as of Friday, 7am, June 18, 2021

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The update-6.18.2021
Sick Earth:  1 Year, 7 Months, 18 Days

Coronavirus Covid-19

Cases Globally: 178,164,490;

Deaths: 3,856,829:

Recovered: 162,670,877

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