Singapore reclaims top spot in world competitiveness ranking

Singapore has risen three places to regain the top position in the IMD World Competitiveness Ranking in 2024, among a field of 67.

This resurgence is attributed to strong performances in business efficiency, particularly in the labour market and management practices, as well as improvements in technological infrastructure and government efficiency. However, high living costs, including rental prices and transport costs, remain a significant challenge.

For the recruitment sector, this means a continued emphasis on attracting foreign talent and maintaining efficient labour market practices while addressing the high cost of living to ensure the city-state remains an attractive destination for skilled professionals.