A country's ranking in the World Economic Forum's Global Competitiveness Report depends largely on an executive opinion survey. If the business executives in one country rate its infrastructure, government institutions or education system highly, its score goes up in those categories. These are used to decide overall rankings.
Singapore is the world's third most competitive economy, according to this year's report, for the second year in a row. Switzerland remains No 1 while Sweden has moved up to second place. America, which slipped to second spot last year, is down to fourth place.
What these rankings reflect is business confidence in a country.
In Singapore, the business executives who took part in the survey were chosen with the help of the Economic Development Board. In some countries, they were chosen with the help of non-government bodies. The London School of Economics helped in Britain, the Confederation of Indian Industries in India.
Singapore excelled in those categories where the rankings were based on the executive opinion survey. The executives, chosen with the help of the Economic Development Board, gave it near-perfect scores for quality of education, public trust in politicians and several other categories.
From World Economic Forum’s Global Competitiveness Report 2010-2010
(These charts from the Global Competitiveness Report are based not on the executive opinion survey but on other sources.)
