ASEAN KEY DESTINATIONS
Singapore most competitive in region
It came in ahead of Japan and Hong Kong, with both maintaining their sixth and eleventh spots, respectively.
Singapore took top spot for efficiency of goods and labour markets, and was lauded for its 'lack of corruption' and 'government efficiency'.
The WEF also gave top marks to Singapore for its strong focus on education that 'provided individuals with the skills needed' for a rapidly changing global economy.
However, the report called for a 'stronger adoption of the latest technologies, as well as policies that enhance the sophistication of its companies' in order to further strengthen its competitiveness.
Switzerland maintained its lead on the index, while Sweden was placed second.
The United States fell from the top three spots to fourth place, with WEF pointing out that 'a number of escalating weaknesses have lowered the US ranking over the past two years'.
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