Tag Archives: Financial Development Report

Republic moves up from 10th place as it displays strength amid recession

SINGAPORE’S ranking as a financial centre has shot up from 10th to fourth because of the way the country’s financial system has weathered the global recession.

The crisis played havoc with the order of things in financial markets over the past year, with a few big guns like the United States being eclipsed, according to the World Economic Forum (WEF).

The WEF’s analysis of economic growth and the financial systems of 55 countries found that the crisis was acutely felt by most global financial systems.

The scores of most countries on the Index in the annual Financial Development Report fell significantly from last year, with some of the largest economies taking the biggest hit.

Germany and France, in particular, suffered such heavy falls in overall scores that they dropped out of the top 10 list. Continue reading →

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.

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 →