Singapore has lost its top spot in a global competitiveness ranking. It is now ranked fifth globally -- its lowest ranking since 2013. Singapore previously held on to first place for two straight years. The Institute for Management Development (IMD) said Singapore's drop in rankings was due to the COVID-19 pandemic, which caused economic productivity and employment to decline. The IMD also cited a significant worsening in Singapore's public finances, as both government deficit and public debt rose. Singapore remains the top-performing Asian economy.
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