Singapore rank slips

Singapore slipped from the first place to the third on the latest World Competitiveness Rankings published by Swiss business school IMD, local media reported on Thursday.

The United States was back at the top position after losing it to Singapore last year. China's Hong Kong also shared the top spot, rising from the second position last year. Both scored 100 points, compared with 98.6 for Singapore, according to the rankings released on Wednesday.

Suzanne Rosselet, deputy director of the business school's World Competitiveness Center, said that Singapore's drop stemmed from concerns about the rising costs of doing business and living in the country among those in the business community surveyed. The fact that Singapore is in an election year was also a factor, with elections traditionally affecting sentiment by adding a dose of uncertainty, local daily Business Times quoted her as saying. Singapore, Xinhua