Rankings released recently revealed that Singapore is still seen as the best place in the world to prosper undeterred by Hong Kong’s recent regional rival and the uncertain political complications of the United States.
Singapore has plenty of factors working in its favour including low corporate tax rate, a forward-looking government that is heavily invested in the education system and entrepreneurship as well as political stability which is a key factor for investors which currently making investors doubtful of the US.
Dr José Caballero the senior economist at the IMD World Competitiveness Centre in Lausanne said that investing in the US is a little difficult with the uncertainty of what will happen tomorrow or the next day.
“These smaller countries are better at delivering policy. In the crisis, you need to be quick, and you need to have an efficient bureaucracy – Singapore has that” said Dr Caballero. The smaller nations have out shone their larger rivals, according to the IMD 2020 ratings, with their management of government induced economic standstill with lockdowns and restrictions to stop the COVID-19 spread.
This is a brief summary of the article ‘Singapore best bet for business, as US, Hong Kong slide’ by Emma Connors | AFR – The Australian Financial Review | Tuesday 16th 2020.