Singapore ranks 2nd in WEF global competitiveness index

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SINGAPORE, Sept. 4 -- Singapore remained the second most competitive country in the global competitiveness index compiled by the World Economic Forum (WEF) Global Competitiveness Report 2013-14 released on Wednesday.

Like in the last 5 years, Switzerland is the world's most competitive country, according to WEF, followed by Singapore, Finland and Germany.

The WEF said Singapore "dominates the goods market efficiency pillar and the labor market efficiency pillar, and places 2nd in the financial market development pillar," and it "boasts one of the world's best institutional frameworks."

Its infrastructure and education are also leading in the world, the report added.

WEF also said the U.S. was able to reverse its four-year downward trend, rising by two positions to take 5th place this year and overtaking the Netherlands and Sweden.

China ranked 29th, leading the five BRICS economies including Brazil, Russia, India China and South Africa.

The Global Competitiveness Report's competitiveness ranking is based on the Global Competitiveness Index (GCI), calculated by drawing together data covering 12 categories. It represents a comprehensive tool that measures the microeconomic and macroeconomic foundations of national competitiveness.

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