S'pore ranks 1st in world competitiveness ranking, takes top spot for business efficiency

Singapore has been ranked the most competitive in the International Institute for Management Development (IMD) World Competitiveness Yearbook 2026.

According to its website, Singapore rose one spot to claim its ranking out of 70 economies.

Among them, Hong Kong rose one spot to second, and Switzerland dropped two spots to third place.

Top in business efficiency

Deputy Prime Minister Gan Kim Yong said via a LinkedIn post that he was pleased Singapore had risen to the top position.

Noting that Singapore took the top spot in Business Efficiency, Gan said the country continued to perform well in a volatile global landscape.

He added that this included areas such as International Trade, Productivity and Efficiency, as well as Technological Infrastructure.

Rankings

The report stated that Singapore's top spot in business efficiency comes after it ranked second in 2024 and eighth in 2025.

Singapore placed third in economic performance after previously claiming the top spot in 2025.

In terms of government efficiency, it maintained its third place ranking from 2025.

It also rose one spot to place fifth in infrastructure.

Act decisively to bolster economy

Gan said that as a small and open economy, it is critical that Singapore continues to get its economic fundamentals right.

He added: "The government will act decisively to bolster our economy, support our businesses, and help our workers stay nimble and adaptable to respond to new challenges."

"We will also continue to partner our stakeholders to strengthen Singapore's economic resilience so that our economy remains strong and vibrant and creates even more opportunities for Singaporeans for many more years to come."

About the ranking

An earlier report stated that the ranking evaluates economies with various population sizes, as well as those with GDP "on both ends of the scale".

It also takes into account ongoing global issues that may pose challenges to each economy.