It soars to fourth spot from last year’s tenth in WEF’s latest Financial Development Report
SINGAPORE has jumped to fourth place from 10th in a list of global financial centres ranked in this year’s Financial Development Report from the World Economic Forum.
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The island’s rise came as the large industrialised countries fell out of favour following the financial meltdown.
Countries such as Germany and France lost heavily in terms of absolute scores – down 0.74 points and 0.68 points respectively – and crashed out of the top 10 list.
The US dropped from pole position in 2008 to third place this year. Last year’s runner-up, the UK, claimed top spot this year. And Australia took second place, leaping from 11th position in 2008.
‘While the UK came in first and the US came in third, both experienced a sharp drop in their overall scores that significantly decreased the margin by which they lead other countries in the index,’ the report said. ‘Financial instability weighed heavily on both, a factor that was offset by strength in some measures of financial intermediation.’
The report – by economist Nouriel Roubini and the head of emerging markets finance at World Economic Forum USA, James Bilodeau – ranked 55 of the world’s leading financial systems and capital markets. Continue reading
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