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The U.S. has regained its standing as the world's most competitive country, according to the latest rankings from Swiss business school IMD.
Singapore, second in Asia only to Hong Kong, is a city-state that owes much of its business activity to effective governance.
The four top reasons to do business in Singapore? According to survey respondents, they are government competency, reliable infrastructure, an effective legal environment and policy stability.
According to IMD, Singapore can improve its competitiveness by strengthening assistance to people on low and middle-incomes, as well as helping firms to keep cost pressures under control.