WTO says Singapore’s economy one of the most competitive in the world

The World Trade Organisation (WTO) has praised Singapore for having one of the most open and competitive economies in the world. The accolade was contained in the ongoing trade policy review by both the WTO secretariat and members.

The report on Singapore’s economy policy, released on Monday, was prepared as part of the WTO’s Trade Policy Review, of which Singapore is participating for the fifth time.

It noted that despite Singapore’s high degree of openness, the economy’s flexibility has enabled it to adjust rapidly to external shocks by continually improving productivity and competitiveness.

It also lauded Singapore for its strong record of economic growth, job creation and low inflation during the period under review – from 2004 to 2007.

However, the WTO noted that Singapore still faces several long-term challenges – such as reducing vulnerabilities to external shocks and an ageing population.

Attending the review in Geneva, Second Permanent Secretary of the Trade and Industry Ministry, Ravi Menon, said Singapore has embraced globalisation by maximising its benefits and minimising its costs.

He said Singapore’s economic success is not through protectionist policies, but through enhancing its competitiveness, building new capabilities, and ensuring opportunities for all segments of society.

WTO’s review will end on Wednesday. – CNA/vm

Source : Channel NewsAsia – 14 Jul 2008

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