SINGAPORE — The Republic will continue its reign as Asia’s most competitive city in terms of attracting capital, business, talent and visitors by the middle of the next decade, according to a report by the Economist Intelligence Unit.
The report, titled Hot Spots 2025: Benchmarking the Future Competitiveness of Cities, also puts Singapore in third place globally behind New York and London, with factors such as robust infrastructure and effective governance being major advantages.
Citi commissioned the report to improve its understanding of market competitiveness and to identify where growth, opportunity and talent are likely to be found in the decade ahead.
Singapore scored particularly well on indicators such as physical capital, financial maturity, the environment and natural hazards, as well as global appeal.
“None of this is surprising given the city’s efficient transport system, lean bureaucracy, safe and clean environment, and its increasingly high international reputation,” the report said.
On the downside, Singapore’s demographics weigh on its competitiveness.
“Its working-age population is projected to be stagnant at 3.6 million between 2012 and 2025, highlighting the need to ensure that the city remains a hub open to the flow of people, ideas, capital, and goods and services,” the report said.
The report forecast the competitiveness of 120 cities in 2025 based on their projected ability to attract capital, business, talent and tourists.
While there is much concern in the West about the lingering impacts of the financial crises that have slowed plans for urban renewal, this has not reduced the competitiveness of the United States, Canada and Europe, which accounted for 21 of the top 30 cities in the global table.
In Asia, Hong Kong and Tokyo ranked second and third, respectively.WONG WEI HAN
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