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Singapore has another number one placing to add to its list of accolades.
The city state came out on top for a second year running in the Business Environment Rankings by the Economist Intelligence Unit’s (EIU) with score of 8.65 out of 10.
Singapore beat Switzerland (8.52), Hong Kong (8.39), Canada (8.30) and Australia (8.29), and is also the only Asian country to make it into the top 10 rankings for business infrastructure.
The report noted Asia’s best performers had common factors, including “a favourable policy environment – particularly for finance and foreign investment – with competition policies that encompass international best practice”.
“Despite tensions in some countries over immigration from poorer neighbours, migration of skilled labour within Asia will remain relatively unimpeded and overall labour market conditions will continue to compare extremely favourably to other regions, with companies able to expand or reduce their workforce with ease, as well as benefitting from freedom to set wages and hire foreign nationals,” the report added.
EIU’s business ranking model measures the measures the quality and effectiveness of 82 countries, and is aimed to help companies better restructure their global strategies.
It examines 10 separate categories including the political environment, the macroeconomic environment, market opportunities, policy towards free enterprise and competition, policy towards foreign investment, foreign trade and exchange controls, taxes, financing, the labour market and infrastructure.