The financial markets of Singapore and Switzerland are known to compete with each other for the business with the world’s wealthiest. But now, the city-state has overtaken the European nation in much-watched league table.
Switzerland is the most competitive country on earth – business groups and the government relied on the country’s prowess and readiness to adjust to the demands of a modern economy.
Switzerland's Drop
Now however, the unexpected snub from an organization that has its headquarters in Geneva – making the blow even harder to take. According to the latest Global Competitiveness Report issued by the World Economic Forum (WEF), Switzerland has dropped three places to fourth.
The new proud owners of top spot are the U.S., which no doubt will give President Donald Trump a sense of satisfaction. Singapore came a close second with Germany, Switzerland’s northern neighbor, in third spot.
Entrepreneurs' Welcome
Part of the reason why the ranking looks different this year is a change in the importance the WEF experts have awarded each indicator. This year, new technologies feature more strongly, reflecting their emergence as an economic force.
The reason why Switzerland slipped down the rankings however was the business environment for entrepreneurs, which is being judged as significantly more enticing in the U.S. and Singapore. Switzerland however still scores very highly in respect to the vocational training of its young and the measures in place to retrain the workforce.
