Singapore has retained its position as the best business environment over the next five years, according to EIU’s latest business environment rankings for the second quarter of 2023. Canada and Denmark, with tied scores, follow closely behind, largely supported by strong levels of economic and political stability. Several west European countries plus the US, Hong Kong and New Zealand, make up the remaining top 10 geographies.
The EIU ranking involves a review of a range of categories to assess how a territory has managed over the previous five years and how it might fare in the following five. Singapore had perfect scores in the areas of policy towards foreign investment and foreign trade and exchange controls. It was also the highest-scoring country for technological readiness, with the Singapore government regarded as a pioneer in rolling out high-technology solutions throughout public services.
According to the 2023 Smart City Index recently published by Swiss business school, Institute for Management Development (IMD), Singapore is recognized as the most intelligent city in Asia and the seventh most intelligent city globally. The index evaluates 141 cities and combines hard data and survey responses to show the extent to which technology enables cities to address the challenges they face to achieve a higher quality of life for their inhabitants.