• Singapore's economy is now the most competitive in the world. That's according to IMD Business School's annual rankings, Bloombergreported.
  • It's also one of the world's most expensive cities.
  • In the Economist Intelligence Unit's annual report of the world's most expensive cities, the No. 1 spot is occupied by a three-way tie betweenSingapore, Paris, and Hong Kong.
  • Singapore has maintained the top position among expensive cities for the past five years, while Paris and Hong Kong both rose to share the top seat.
Singapore's economy is now the most competitive in the world, according to IMD Business School's annual rankings. Bloomberg reported that the US, which was ranked No. 1 in 2018, dropped down to the third spot this year, behind Singapore and Hong Kong.
The report analyzes 63 economies around the world based on 235 indicators, which include unemployment, GDP, and corruption. This year marks the first time that Singapore has occupied the top spot since 2010; its rise, according to IMD Business School, can partially be attributed to its technological infrastructure and favorable immigration laws.
Singapore is also one of the world's most expensive cities, a title the five-time winner now shares in a three-way tie with Paris and Hong Kong. TheEconomist Intelligence Unit announced the updated standings in its annual Worldwide Cost of Living report, which compares prices of more than 160 items across 133 cities around the world.