Global Competitiveness Report: Singapore is 1st in Customs Efficiency
Over 14,000 business executives worldwide named Singapore's customs procedures
as the most efficient in the World Economic Forum (WEF) Global Competitiveness
Singapore beat 143 other economies to be ranked as having the "highest level of efficiency of customs procedures related to the entry and exit of merchandise" in WEF's Executive Opinion Survey.
Singapore's customs efficiency has been consistently topping the global competitiveness report. It clinched first position in WEF reports in 2008-2009, second in 2009-2010, and regained the first position in 2010-11.
Overall, WEF placed Singapore as the second most competitive economy behind Switzerland. Singapore also excelled in other indicators; it had the best public and private institutions, most efficient goods and labour markets and came in second for world-class infrastructure and financial market development.
The WEF report is based on a comprehensive set of micro- and macro-economic indicators, such as publicly available data and the opinion survey of over 14,000 business leaders.