S’pore most competitive economy in Asia yet again: Boao Forum report

BOAO – Singapore has been named Asia’s most competitive economy for the fourth year running, according to an annual survey released on Thursday (March 23).

“Singapore had the highest score in commercial and administrative efficiency. Also, for five consecutive years, it has kept the most efficient administrative service of the region and provided the most favourable business environment,” said the 2016 Asian Competitiveness report released at the Boao Forum for Asia Annual Conference in China’s Hainan province.

Among the other measures taken into account by the China Centre for International Economic Exchanges which did the survey, Singapore was placed 3rd in infrastructure as well as human capital and innovation capability among the 37 economies ranked in the survey; it took 4th place in overall economic strength and 6th position in social development.

Hong Kong was lauded in the report for its stable, efficient and trustworthy business system and financial market, and was ranked behind only Singapore in terms of commercial and administrative efficiency. It was placed 2nd for infrastructure and overall economic strength, 4th in social development but scored relatively poorly in as human capital and innovation capability where it was placed 10th.

Launched in 2009, the Asian Competitiveness report ranks 37 economies in Asia including Australia and New Zealand but excludes 16 smaller economies in the region. The top six positions – Singapore, Hong Kong, South Korea, Taiwan, Australia and New Zealand - have remained unchanged over the past three years. China, Asia’s largest economy, was ranked 9th in each of those three years, as well as the year before.

Boao Forum for Asia, a non-governmental and non-profit international organization, was formally inaugurated in 2001, with Boao serving as its permanent headquarters. It seeks to promote and deepen economic exchange, coordination and cooperation within Asia and between Asia and other parts of the world.