Republic retains second place in the Forum’s annual Global Competitiveness Report

| October 22, 2018

Source: — Singapore has retained its number two spot in the World Economic Forum’s Global Competitiveness Report, behind Switzerland and ahead of Finland, said the Geneva-based body yesterday (Sept 3).Switzerland has kept its title as the world’s most competitive economy for the fifth year running, though it needs to resist any temptation to protect its core banking sector if it wants to stay top, the Forum added.The Geneva-based body, most famous for gathering politicians and billionaires at an annual shindig in the Alpine resort of Davos, revealed that the same economies made the top 10 as last year, but in a different order.Germany, the United States, Hong Kong and Japan all edged up while Sweden, the Netherlands and the United Kingdom all slipped by two or three notches.The United States’ flair for innovation helped it reverse a four-year downward trend, although serious concerns remained over its macroeconomic stability, the Forum said, ranking it 117 out of 148 countries in that category.The Forum bases its assessment on a dozen drivers of competitiveness, including institutions, infrastructure, health and education, market size and the macroeconomic environment.The report also factors in a survey among business leaders, assessing the government’s efficiency and transparency.Switzerland scored well across the board, but the report said it needed to guard against complacency.“Its banking sector is … Under scrutiny, and this traditional economic engine is necessarily undergoing great change,” the report said.“In the future, it will be important for the country to continue to build on its competitive strengths and resist over regulation and protectionism,” it added.Switzerland has been hit hard by a global crackdown on tax havens, succumbing to pressure from the EU and the United States to give up a centuries-old tradition of banking secrecy.While most of the top 40 remained relatively static, South Korea slid six places to 25th, weakened by its poorly functioning financial market, quality of its institutions and extremely rigid labor market, said the report.China remained in 29th place and again led the BRICS pack, while Indonesia climbed 12 places to 38th, helped by a 17-place jump in infrastructure and other advances.“After years of neglect, Indonesia has been boosting infrastructure spending to upgrade roads, ports, water facilities, and power plants, and our results suggest that these improvements have started to bear fruit,” the report said.It also made a big improvement in labor market efficiency, but was let down by bribery, security and a worsening health picture.India slipped one position to 60th while Russia edged up three spots to 64th, helped by an improving macroeconomic environment.There was also little change at the bottom of the list. The overall wooden spoon went to Chad, just behind Guinea and last year’s loser Burundi.The report defines competitiveness as “the set of institutions, policies, and factors that determine the level of productivity of a country”. REUTERSGuide Questions:1) Based on the article above, what implications does competitiveness have to the economy of Singapore’s individual households and firms? Support your answer by giving specific and concrete example, justtifications and arguments2) What will happen to the development of the economies of Singapore and Vietnam should competitiveness persist? Explain your answer fully and support your arguments3) Based on the article, what is the role of the government in the economy of a nation like Singapore? Justify your answerFORMAT:The report shoule be documented in a professional format, with appropriate charts included to illustrate the calculations and comments. Each table and/ or key fact should have the source indicated so that the reader can access the reliability and validity of that informationLENGTH: 1500 words, not including executive summary, referencing,tables and figures, and appendices.ASSESSMENT CRITERIA:At least 5 references to external sources , the usage of the APA referencing system is compulsory.FORMAT AND STRUCTURE:- Cover page, content page (exclude from word count)- Executive summary (exclude from word count)- Introduction page, Body, Conclusion- Critique of the risk associated, application of theory, clear logic and reasoning- Reference list (exclude from word count)

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