Retail in Asia

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Singapore slips on competitiveness slope

Amid rising costs – in part due to ongoing economic restructuring – Singapore has slipped one rung to an unfamiliar fourth place on the latest global competitiveness rankings compiled by Swiss business school IMD.

While Hong Kong retained pole position, Singapore fell out of the top three spots on the annual World Competitiveness Yearbook’s ranking for the first time since 2003. Switzerland overtook Singapore to rank third out of 59 economies, behind second-placed US.