Singapore pips HK as most competitive economy

For the first time in decades, Singapore economy has topped Hong Kong’s and the United States’ in the World Competitiveness Yearbook rankings.

This is according to Swiss business school IMD.

It said Singapore has displayed great resilience through the financial crisis despite suffering high levels of volatility in their economic performance.

And it is now taking full advantage of the strong expansion in the surrounding Asian region.

Notably, IMD has conducted a new Debt Stress Test in which Singapore also fared well.

The report said the city-state’s debt is 48.01 per cent of its Gross Domestic Product or GDP.

As such, it said Singapore does not have a debt problem because it is “simply virtuous”.

Meanwhile, it estimated that the average debt of the G20 nations will climb from 76 per cent of their combined GDP in 2007 to 106 per cent this year.

It also said the largest “old” industrialised nations like Japan and the United Kingdom will all suffer a debt curse, in the worst case lasting until 2084.

Source : Channel NewsAsia – 19 May 2010

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