IMD World Competitiveness Booklet 2023

Singapore Competitiveness Trends – Overall

OVERALL PERFORMANCE (64 countries)

BASIC FACTS

Rank

2019

2020

2021

2022

2023

Capital Land area (square km '000)

Singapore

1

1

1 2022

3

1,379 2022

Exchange rate (per $)

4

5,64 2022 46 466,8 2022 31 124.353 2022 03 3,6 2022 34 6,12 2022 19 2,10 2022 04 3,75 2022 43 19,33 2022 04 2.007,3 2021 06 32,69 2021 02

5

Population - market size (millions)

Gross Domestic Product (GDP) (US$ billions)

CHALLENGES IN 2023

GDP (PPP) per capita (US$)

• Navigate the challenges posed by the slowing global economy amidst tightening financial conditions and rising protectionism. • Help businesses and households cope with elevated costs and inflationary pressures. • Ensure that businesses and workers continue to upgrade their capabilities for Singapore to stay competitive and seize new opportunities.

Real GDP growth (%)

Consumer price inflation (%)

Unemployment rate (%)

Labor force (millions)

Current account balance (% of GDP)

Direct investment stocks inward ($bn)

Direct investment flows inward (% of GDP)

PROVIDED BY: Economics Division, Ministry of Trade and Industry, Singapore

COMPETITIVENESS LANDSCAPE

Economic Performance Government Efficiency

Business Efficiency

Infrastructure

Domestic Economy

International Trade

International Investment Employment Prices

9 12 7 6 Public Finance Tax Policy

Institutional Framework Business Legislation

Societal Framework

Productivity & Efficiency Labor Market Finance

Management Practices Attitudes & Values

Basic Infrastructure

Technological Infrastructure Scientific Infrastructure

Health & Environment Education

2

2

3

4

6 4 10

10

11

13 13

17

20

23

26

51

PEER GROUPS RANKINGS ASIA - PACIFIC (14 countries)

POPULATIONS < 20 MILLION (37 countries)

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

1

1

3

1

1

1

1

1

4

5

106 Competitiveness Country Profiles