Singapore – a global hub of innovation, prosperity, and cultural diversity, showcasing its commitment to both urban development and green spaces. Furthermore, its economic prowess, exemplified by its thriving financial district and technological advancements, positions it as an economic powerhouse in Asia. But how does it fare in global rankings of economic competitiveness, sustainability, country brand strength, soft power, and reputation?
Let’s take a closer look at:
- Singapore’s soft power and brand strength
- Its appeal to skilled labour, investors, and visitors
- The country’s global contribution to peace and well-being
- How well it fares in terms of happiness and sustainability
Soft Power and Country Brand Strength
In the Global Soft Power Index 2023 by Brand Finance, Singapore secures the 21st spot, sitting behind Saudi Arabia (19th) and Belgium (20th). Although Singapore’s score has shown growth, rising from 48.5 in 2022 to 51 this year, the country has dropped one position in the past year.
In the U.S. News Best Countries 2023 ranking, Singapore secures the 16th position, behind Finland (14th) and Italy (15th). Notably, Singapore excels in three key areas: agility (5th), which analyzes the level of adaptability; movers (7th), assessing differentiating factors and distinctiveness; and open for business (7th), which examines the cheapness of manufacturing costs, favorable tax environment, and levels of bureaucracy and corruption. Singapore’s ranking has jumped three positions from the previous ranking.
The Anholt-Ipsos Nation Brand Index (NBI) calculates its ranking based on averaging the scores of six different factors: exports, governance, tourism, culture, people and immigration, and tourism. According to the NBI 2023 ranking, Singapore secures the 26th position, dropping one position from the previous ranking.
Appeal to Investors, Trade, and Travel
As per the UNCTAD World Investment Report 2023, Singapore secures the 3rd position for FDI inflows in 2022, sitting right behind China and the US. Their inflows increased by $10 billion this year, resulting in a jump of one position. In terms of FDI outflows, Singapore ranks 11th in 2022, a jump of one position from 2021, although FDI outflows maintained the same rate as in 2021.
The Bloom Consulting biannual Country Brand Ranking Trade Edition 2022-2023 assesses investment-related variables, emphasizing perceptions of a country’s trade-specific brand and evaluating branding performance. Regionally, Singapore jumped one position and now holds the 3rd place, thanks to its increased Net FDI and a growing D2 – Digital Demand © score. Globally, Singapore secured the 9th position, a jump of two positions from the previous ranking, regaining a position in the top 10.
In addition, the Bloom Consulting Country Brand Ranking Tourism Edition 2022-2023 places Singapore at the 18th global position, a drop of three positions. This is suspected to be due to overall declines in tourism receipts and CBS Rating ©. Regionally, Singapore now holds the 4th position, jumping one position from the previous ranking.
In the IMD 2023 World Competitiveness Ranking, Singapore secured the 4th position, dropping four positions from the 2022 ranking. Currently, it sits behind Australia (19th) and Luxembourg (20th) while surpassing Germany (22nd) and Israel (23rd). In terms of specific characteristics, Singapore ranks 3rd in economic performance, dropping one position from the 2022 ranking. It holds the 7th position for government efficiency, experiencing a drop of three positions compared to 2022. Singapore jumped one position to the 8th position for business efficiency and jumped three positions to the 9th spot for infrastructure.
How “Good” is Singapore?
In the Good Country Index, Singapore currently holds the 25th position overall, with notable subfactors as follows: Science & Technology (38th), Culture (19th), International Peace & Security (10th), World Order (101st), Planet & Climate (51st), Prosperity & Equality (18th), and Health & Wellbeing (30th). It’s worth mentioning that in 2022, Singapore was ranked 13th, and in 2021, it held the 23rd position. While the country has experienced an overall drop in its ranking, there have been significant increases in the Culture and Health & Wellbeing factors.
According to the Economist Intelligence Unit (EIU) Democracy Index 2023, Singapore ranked in the light blue zone (6-7 range) with a 6.22 out of 10.
The 2022 Corruption Perception Index ranks Singapore 5th, tying with Sweden and below Norway. Singapore’s score has dropped by two since 2021, now standing at 83/100.
Peace and Happiness
The Global Peace Index 2023 ranks Singapore 6th, jumping four positions from the previous year, meaning it sits in the very high sector of the ‘State of Peace’ spectrum as defined by the Institute for Economics & Peace. Singapore sits between Austria (5th) and Portugal (7th). Singapore positioned 2nd regionally amongst its fellow Asia-Pacific countries, led by New Zealand.
The Institute for Economics & Peace similarly ranks Singapore within the no impact zone in terms of ‘Impact of Terrorism’ in the 2022 Global Terrorism Index. Singapore ranks 93rd, sitting amongst many different countries in last place.
Meanwhile, the World Happiness Report 2023, which displays the Ranking of Happiness based on a three-year average (2020–2022), ranks Singapore 25th; however, this data is only averaged from 2020 and 2021 surveys as no data was collected for 2022.
How Attractive for Talent?
The World Economic Forum Global Competitiveness Index 2019 placed Singapore in the 1st position among 141 countries. However, it’s important to note that an updated version of this report hasn’t been released in the past five years, and rankings may have shifted since then.
In terms of education excellence, Singapore boasts two universities within the top 100 worldwide, according to the World University Rankings 2024. These esteemed institutions are: National University of Singapore and Nanyang Technological University.
The Expat Insider 2023 ranks Singapore in the 37th position out of 53 countries. The country performs best in the Travel and Transit (1st) and the Quality of Life (6th) metrics.
Sustainability
The 2022 edition of the Environmental Performance Index (EPI) ranks Singapore 44th. The EPI analyzes the performance of 180 countries, scoring and ranking these countries on their environmental performance using the most recent year of data available, as well as providing calculable changes in scores over the previous decade. Singapore has experienced a change in score of positive 3.7.
The Sustainable Development Report 2023 ranks Singapore 64th. It highlights that Singapore continues to face significant and major challenges in quite a few of the 17 SDGs. However, the factors of Quality of Education and Industry, Innovation and Infrastructure factors have reached SDG achievement status, while the Clean Water and Sanitation, Responsible Consumption and Production, and Climate Action goals are on track.
Last updated in November 2023. More country profiles here.
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Disclaimer: The information in this article is intended to provide a general overview of Singapore’s economic and cultural landscape and facilitate comparison over time. While we strive for accuracy and completeness, we are not responsible for any typographical errors or inaccuracies. The data is provided “as is” without warranty of any kind. Users should verify any information before relying on it for decision-making purposes.
