Source : Business Times – 9 Oct 2009
Singapore’s ranking among the global financial centres has improved, said the World Economic Forum (WEF) on Friday.
The Republic jumped to fourth place in 2009 from 10th in 2008, the WEF’s second annual Financial Development Report showed.
The report ranks 55 of the world’s leading financial systems and capital markets by analysing the drivers of financial system development and economic growth in various countries.
The financial crisis was acutely felt in most global financial systems and caused most countries’ scores to drop significantly compared to the previous year.
The report showed that the world’s largest economies took the biggest hit – Germany and France, in particular, suffered a heavy fall in overall scores that pulled them out of the top 10.
The United Kingdom, buoyed by the relative strength of its banking and non-banking financial activities, claimed the Index’s top spot from the United States, which slipped to third position behind Australia largely due to poorer financial stability scores and a weakened banking sector.
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