FACTS AND RANKINGS

Singapore has many accolades pegged to its brand, bolstering the Republic’s reputation as a key regional and global hub for companies to do business. Discover key facts and rankings about Singapore today.

ECONOMIC PERFORMANCE

No. 1 city with the best investment potential
Singapore now outranks the world as an investment destination, after coming in second for 16 consecutive years.

In its BERI Report 2015-I (April 2015), US-based research institute Business Environment Risk Intelligence (BERI) ranked Singapore first out of 50 major investment destinations in a ranking that assesses operations, politics and foreign exchange. With no restrictions on the repatriation of profits and the import of capital, along with the most favourable operating conditions and strong diplomatic ties, Singapore’s stable political and economic climate creates an ideal environment to invest in.

Ranked By
+5 Years
100=Perfect
Country
Present
Combined Score
+5 Years
Combined Score
1
Singapore 75
75
2
Switzerland 73 73
3 Taiwan
68 72
4
Norway 69 71
5
Germany 70 69
6
Austria 66 65
7
Netherlands 66 65
8
Canada 62 63
9
United States 59 63
9
Korea (South) 60 62
10
Denmark 57 61
12
Finland 56 61
13
Ireland 56 61
14
Australia 58 60
15 China 57 60

Source: BERI Report 2015-I (April 2015)

Note:
The POR is based on a combined score of the +5 years ratings derived by adding the
1) Operations Risk Index (ORI)
2) Political Risk Index (PRI)
3) Remittance and Repatriation Factor (R Factor) and dividing by three.

COMPETITIVENESS AND BUSINESS ENVIRONMENT

Relative Readiness of Economies to deal with Fourth Industrial Revolution
The purpose of this table is to judge the relative readiness of different economies to take advantage of the Fourth Industrial Revolution. A lower score implies a better relative readiness.

In relative to other economies, Singapore has the highest skill level and most suitable infrastructure to put itself in the forefront for global competitiveness. 

  Country Labour structures
flexible
Skill level high Education allos
adaptive skills
Infrascructure
suitable
Legal protections Overall impact
  Switzerland 1 4 1 4.0 6.75 3.4
  Singapore 2 1 9 3.5 9.00 4.9
  Netherlands 17 3 8 6.5 12.50 9.4
  Finland 26 2 2 19.0 1.25 10.1
  United States 4 6 4 14.0 23.00 10.2
  United Kingdom 5 18 12 6.0 10.00 10.2
  Hong Kong 3 13 27 4.5 10.00 11.5
  Norway 9 7 13 19.0 11.50 11.9
  Denmark 10 9 10 15.5 17.75 12.5
  New Zealand 6 10 24 21.5 6.25 13.6
  Sweden 20 12 7 12.0 19.75 14.2
  Japan 21 21 5 12.0 18.00 15.4
  Germany 28 17 6 9.5 18.75 15.9
  Ireland 13 15 21 19.0 11.50 15.9
  Canada 7 19 22 16.0 20.50 16.9

Source: UBS White Paper for the World Economic Forum (WEF), Global Competitiveness Report January 2016

The Fourth Industrial Revolution is being driven by extreme automation and connectivity. Extreme automation will expand the range of jobs it can possibly automate, to include not only highly repetitive low-skill jobs, but also highly routine medium-skill jobs.

Advances in computing set the stage for the Fourth Industrial Revolution in three broad areas, according to the WEF’s Davis: the “technosphere” or digital world; the natural world that technology now allows us to monitor, analyze and digitize; and the human world, as technology impacts the way in which we connect and with whom we connect (human & machine, human & human, machine & machine).

The world’s easiest place to do business
The ease of setting up a company in Singapore is a clear advantage when it comes to choosing the best place to do business.

According to the Doing Business 2015 Report by the World Bank, Singapore is the easiest place in the world to conduct business, partly due to the hassle-free way in which administrative matters are handled. Singapore helps simplify the process of setting up by making it simple to incorporate a company and register for taxes by using the same online form. Forms for construction permits, new workplace safety and healthcare regulations can also be submitted online. In addition, Singapore eased property registration by improving on its computerised system.

Economy 2015 Rank Score
Singapore
1 88.27
New Zealand 2 86.91
Hong Kong 3 84.97
Denmark
4 84.20
Korea
5 83.40
Norway
6 82.40
United States
7 81.98
United Kingdom
8 80.96
Finland
9 80.83
Australia 10
80.66

Source: Doing Business 2015, World Bank (http://www.doingbusiness.org/rankings)

Economies are ranked on their ease of doing business, from 1-189. A high of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm, The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to June 2014.

Top 2 most competitive city in the world
Singapore leads the pack among the rest of the global economies when it comes to maintaining its competitive edge.

According to the Global Competitiveness Report 2015 – 2016 by the World Economic Forum, Singapore is the best in Asia in terms of lack of corruption and high government efficiency. It is also recognised for the strength of its goods and labour markets; leading globally in terms of financial market development. The country’s competitiveness is further reinforced by world-class infrastructure with excellent transportation facilities and a strong focus on education that provides personnel with the skills needed for a rapidly changing global economy.

Rank Country Score
1 Switzerland 5.76
2
Singapore 5.68
3
United States 5.61
4
Germany 5.53
5
Netherlands 5.50
6
Japan 5.47
7
Hong Kong
5.46
8
Finland 5.45
9
Sweden 5.43
10 United Kingdom 5.43

Source: The Global Competitiveness Yearbook 2015-2016, World Economic Forum

Best business environment in Asia Pacific and the world
Singapore has the most conducive environment for business as compared to the rest of its neighbours – and the world.

According to the Economist Intelligence Unit, Country Forecasts Report in 2014, the country was ranked the most attractive as an investment location, both regionally and globally. Factors taken into consideration for ranking purposes were supportive government policies, attractive labour market conditions, a sound infrastructure and financing efficiency.

Rank Country Score
1
Singapore 8.65
2
Switzerland 8.52
3 Hong Kong 8.39
4
Canada 8.30
5
Australia 8.29
6
Sweden 8.26
7
USA 8.25
8
New Zealand 8.18
9
Finland 8.18
10
Denmark 8.16
11
Norway 8.01
12
Germany 7.98
13
Chile 7.89
14
Taiwan 7.85
15 Ireland
7.79

Source: Business Environment Rankings (BER), The Economist Intelligence Unit

Asia’s No.1 for best logistics supply chain performance
Singapore is the top in Asia for logistics performance.

Based on a worldwide survey of global freight forwarders and express carriers, the Logistics Performance Index is a benchmarking tool developed by the World Bank that measures performance along the logistics supply chain within a country. Allowing for comparisons across 160 countries, the index can help countries identify challenges and opportunities and improve their logistics performance. The World Bank conducts the survey every two years.

The international LPI analyzes countries in six components:

  • The efficiency of customs and border clearance (“Customs”).
  • The quality of trade and transport infrastructure (“Infrastructure”).
  • The ease of arranging competitively priced shipments (“Ease of arranging shipments”).
  • The competence and quality of logistics services—trucking, forwarding, and customs brokerage (“Quality of logistics services”).
  • The ability to track and trace consignments (“Tracking and tracing”).
  • The frequency with which shipments reach consignees within scheduled or expected delivery times (“Timeliness”).

Rank Country Score
1 Germany 4.12
2 Netherlands 4.05
3 Belgium 4.04
4 United Kingdom 4.01
5
Singapore 4.00
6
Sweden 3.96
7
Norway 3.96
8
Luxembourg 3.95
9
United States 3.92
10 Japan
3.91

Source: Logistics Performance Index (LPI), World Bank 2014

Best global innovation in Asia Pacific and the world
The best-performing Asian country ahead of Hong Kong, Korea and Japan, Singapore excels in the pillars of institutions, human capital and research, infrastructure and business sophistication.

The Global Innovation Index (GII) 2015 is a co-published work by Cornell University, INSEAD and the World Intellectual Property Organization (WIPO). Published on 17 Sept 2015, the 8th annual edition covers 141 countries around the world and ranks their innovation performance based on their overall innovation scores.

Each country’s score is computed based on equally-weighted scores in the Innovation Input and Output Sub-Indices. The Innovation Input Sub-Index comprises 5 pillars: Institutions; Human Capital and Research; Infrastructure; Market Sophistication and Business Sophistication. The Innovation Output Sub-Index comprises 2 pillars: Knowledge and Technology Outputs; Creative Outputs. Both sub-indices comprise a total of 79 indicators, which include hard data, opinion surveys and composite indicators.

Rank Country/Region Score
1
Singapore 72.12
2
Switzerland 67.96
3
Finland 67.91
4
Hong Kong 67.61
5
United States of America 67.31
6
United Kingdom 67.15
7
Sweden 67.01
8
Denmark 65.87
9
Canada 65.05
10
Australia 64.84
11
Netherlands 64.23
12
Japan 63.83
13
New Zealand 63.14
14
Ireland 62.90
15 Korea
62.37

Source: Global Innovation Index 2015, Innovation Input Sub-Index

BUSINESS LEGISLATION AND EFFICIENCY

Asia’s best intellectual property protection
Singapore recognises intellectual property (IP) as an invaluable asset in shaping a knowledge-based economy.

In its Global Competitiveness Report 2015 – 2016, the World Economic Forum has ranked Singapore as having the best IP protection in Asia based on the infrastructure and incentives put in place by the government to encourage innovation by existing and emerging industries.

Rank Country Score
1
Finland 6.3
2
Luxembourg 6.3
3
Switzerland 6.2
4
Singapore 6.2
5
New Zealand 6.1
6
Japan 6.1
7
United Kingdom 6.0
8
Netherlands 6.0
9
Hong Kong 6.0
10
Ireland
5.9
11
Qatar 5.9
12
Canada 5.8
13
Australia 5.8
14
France 5.8
15 United States
5.8

Source: The Global Competitiveness Report 2015-2016, World Economic Forum

GOVERNMENT

Top 6 in the world for least corruption in the economy
The Singapore government practises an open and transparent approach when it comes to all business matters.

According to IMD World Competitiveness Report 2015, Singapore is the least corrupt country in the Asia region where transparency is valued highly; due to clear and strict laws and legislations imposed by the government over business dealings and transactions.

Rank Country/Region Score
1
Denmark 9.27
2
New Zealand 9.00
3
Finland 8.71
4
Switzerland 8.26
5
Sweden 8.23
6
Singapore 8.19
7
Netherlands 7.95
8
Luxembourg 7.89
9
Norway 7.81
10
Ireland 7.66
11
Iceland 7.66
12
Germany 7.65
13
Australia 7.55
14
United Kingdom 7.47
15 China Hong Kong
7.31

Source: IMD World Competitiveness Report 2015

Most transparent country in the world
Government policies in Singapore are clear and transparent when it comes to business.

The Global Competitiveness Report 2015–2016 recognises Singapore as a country with sound political infrastructure and policy-making procedures; leading to its ranking as the most transparent country in Asia that enjoys a stable business environment.

Rank Country Score
1
Singapore 6.2
2
New Zealand 6.0
3
Hong Kong 6.0
4
Luxembourg 5.9
5
Finland 5.9
6
Switzerland 5.9
7
Norway 5.7
8
Qatar 5.7
9
Rwanda 5.6
10
Netherlands 5.5
11
Ireland 5.5
12
Japan 5.5
13
United Kingdom 5.5
14
Sweden 5.4
15 Taiwan
5.4

Source: The Global Competitiveness Report 2015-2016, World Economic Forum

LABOUR

Top of BERI’s Labour Force Evaluation Measure
Singapore has a consistently productive and skilled labour force that makes it a conducive place for growing businesses.

Based on the Business Environment Risk Intelligence (BERI) Report 2014, Singapore enjoys the highest ranking for labour force in terms of workers’ productivity and general overall attitude; as displayed by superior business performances with advanced technology and low labour unit costs in relation to the value of goods and services produced.

Country 2014 LFEM
Singapore 92
USA 80
Taiwan (R.O.C) 79
Switzerland 77
Belgium 76
Japan 75
Sweden 70
Ireland 70
Australia 69
Netherlands 67
Germany 67
U.K. 67
Denmark 66
Canada 65
France
62

Source: BERI Report 2014

Top 10 in Asia for most motivated workforce
The mind-set of Singaporean talent is generally positive and makes for a productive working environment.

According to the IMD World Competitiveness Yearbook in 2015, Singapore’s workforce is highly motivated; making for one of the most productive labour forces in the region. This ranking is due to effective company policies in place, a generally conducive working environment and attractive living conditions in the country.

Rank Country Score
1
Switzerland 7.68
2
Denmark 7.66
3
Norway 7.46
4
Ireland 7.40
5
Luxembourg 7.38
6
Germany 7.37
7
China 7.29
8
Netherlands 7.27
9
Taiwan 7.12
10
Malaysia 7.08
11
Japan 7.06
12
Sweden 6.99
13
Austria 6.96
14
New Zealand 6.86
15 Iceland
6.71
16 United States of America 6.71
17 Canada 6.66
18
Israel 6.65
19
Finland 6.59
20
United Arab of Emirates 6.45
21
Singapore 6.36

Source: IMD World Competitiveness Yearbook in 2015

Top 10 in Asia for best skilled labour
Singapore’s focus on a knowledge-based economy has led to an influx and growth of skilled labour from around the region and within the city itself.

The IMD World Competitiveness Yearbook in 2015 states that Singapore has one of the most skilled labour pools in the region due to sound education policies, the ready availability of training programmes and attractive incentives for local and foreign talent.The mind-set of Singaporean talent is generally positive and makes for a productive working environment.

Rank Country Score
1
Finland 7.67
2
Greece 7.50
3
Norway 7.27
4
Denmark 7.13
5
Netherlands 7.05
6
Philippines 7.00
7
Australia
6.75
8
Israel 6.70
9
Iceland 6.69
10
Ireland 6.68
11
Malaysia 6.66
12
Switzerland 6.64
13
Canada 6.63
14
Spain 6.55
15 Russia
6.52
30
Taiwan 5.66
31
United Kingdom 5.62
32
Singapore 5.54
33
Czech Republic 5.53
34
Slovak Republic 5.53
35
Latvia 5.52

Source: IMD World Competitiveness Yearbook in 2015

Top 3 in the world for best labour/employer relations in Asia
The relationship between employee and employer in the average Singapore workplace is the best in the region.

According to The Global Competitiveness Report 2015 - 2016, Singapore enjoys better working conditions and higher rates of productivity due to more open communication channels and camaraderie between employee and employer.

Rank Country Score
1
Switzerland 6.1
2
Denmark 6.1
3
Singapore 6.0
4
Norway 6.0
5
Japan 5.7
6
Austria 5.7
7
Sweden 5.7
8
Netherlands 5.6
9
Qatar 5.6
10
Luxembourg 5.6
11
Malaysia 5.5
12
Hong Kong 5.5
13
New Zealand 5.5
14
United Arab Emirates 5.5
15 Ireland
5.5

Source: The Global Competitiveness Report 2014-2015, World Economic Forum

EXPATRIATE LIVING

Top 2 in Asia for best quality of life
Singapore has been ranked the 2nd place to live, work and play as compared to its neighbouring countries.

Based on the Quality of Living Worldwide City Rankings in the Mercer Survey 2014, Singapore has the 2nd best environment, facilities and infrastructure available for citizens to enjoy a good quality of life due to a stable political climate, world-class transportation and healthcare system as well as entertainment variety.

Mercer Quality of Living Survey
Rankings City Country
1
Luanda Angola
2
N'djamena Chad
3
Hong Kong Hong Kong
4
Singapore Singapore
5
Zurich Switzerland
6
Geneva Switzerland
7
Tokyo Japan
8
Bern Switzerland
9
Moscow Russia
10
Shanghai China
11
Beijing China
12
London United Kingdom
13
Victoria Seychelles
14
Seoul South Korea
15 Copenhagen
Denmark

Source: Mercer Human Resource Consulting, July 2014

The survey covers 211 cities across five continents and measures the comparative cost of over 200 items in each location, including housing, transportation, food, clothing, household goods, and entertainment.

Mercer's 2014 Cost of Living Rankings, published 10 July 2014, compare the cost of living for expatriates in 211 cities worldwide. Cities are ranked based on data from our annual Cost of Living Survey, the most comprehensive of its kind. The survey helps multinational companies and governments determine compensation allowances for employees on international assignments. The survey measures the comparative cost of more than 200 goods and services in each location, including housing, transportation, food, clothing, household goods, and entertainment.

WHAT IS A DECKBUILDER?

The Deckbuilder helps you compile the content you want. Click “Add to deck” to collect useful content from the website and click on “View Deckbuilder” to edit and export your deck as a .ppt or .pdf file.