Top 10 countries in the Index of Economic Freedom World Rankings:
- Hong Kong
- New Zealand
- United States
A user sent in a link to an article on BBC, which may worry some people as Singapore’s economy shrank for the first time in three quarters in the last three months of 2009:
Singapore’s economy shrank for the first time in three quarters in the last three months of 2009.
Weaker manufacturing helped the economy shrink by an annualised rate of 6.8% in the fourth quarter of the year, the island’s government said.
That compares with a 14.9% rise in the third quarter, following Singapore’s deepest recession on record.
However, the economy still grew by 3.5% when compared with the same three-month period in 2008.
Over 2009 as a whole, the economy shrank by 2.1%.
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The world’s largest economies took the biggest hit in the World Economic Forum‘s second annual Financial Development Report. Global financial centers still lead in the report’s Index, but the effects of financial instability have pulled down their scores compared to last year.
The United Kingdom, buoyed by the relative strength of its banking and non-banking financial activities, claimed the Index’s top spot from the US, which slipped to third position behind Australia largely due to poorer financial stability scores and a weakened banking sector.
Singapore made huge gains over the past year, enabling it to jump to the fourth, up from its 10th place ranking in 2008. Here is a list of top twenty world’s leading financial centers: [Read more…]
Switzerland tops the overall ranking in The Global Competitiveness Report 2009-2010. The United States falls one place to second position, with weakening in its financial markets and macroeconomic stability. Singapore, Sweden and Denmark round out the top five.
European economies continue to prevail in the top 10 with Finland, Germany and the Netherlands following suit. The United Kingdom, while remaining very competitive, has continued its fall from last year, moving down one more place this year to 13th, mainly attributable to continuing weakening of its financial markets. China is ranked 29th.
The rankings are calculated from both publicly available data and the Executive Opinion Survey, a comprehensive annual survey conducted by the World Economic Forum together with its network of Partner Institutes (leading research institutes and business organizations) in the countries covered by the Report.
Download the full Report (PDF)
Singapore’s central bank is likely to allow a modest currency depreciation in coming weeks to help the ailing economy, but has to tread carefully to avoid sparking a domino effect of falling currencies in Asia.