Singapore Most Dynamic Economy

23 Jan 2013

Singapore has been ranked as the most dynamic economy of the world, beating the likes of Finland, Sweden, Israel and Austria. This revelation by Grant Thornton Study is based on 22 economic indicators, including favorable financing system, finance regulatory system, high level of private sector credit, the lightness of corporate tax burden and corporate income-tax burden which is currently put at 17% in the city state.

The study quotes: “Singapore is perfectly placed to act as a gateway between West and East. Business and economic growth prospects are supported by an open, transparent financing environment and a well-educated workforce."

The ASEAN tiger beats in the process the economic giants in the neighborhood such as Japan and Chinese Special Administrative Region. This, for the time being, belies, the rising Superpower China which has been grooming Hong Kong for a similar distinction.

The Grant Thornton Index notes that Israel has the most dynamic science and technology environment, helped as it is by former Soviet scientists’ influx, by creating venture capital funds and business incubator programs. Israel is also helped on account of allocation of 4.3% to R&D.

Despite being the most taxed economies, the Nordic countries are among the top dynamic economies because of the private capital historically put in by the private sector, not forgetting the Nobel group.