The World Economic Forum (WEF) ranks Brunei as the 56th most economically competitive economy in the world out of 141 countries and regions this year, rising six places from 2018 when the Sultanate was ranked at 62nd place, local media reported on Friday.

According to the Borneo Bulletin, WEF's latest 2019 Global Competitiveness Report measures the strength of 103 key indicators including inflation, digital skills, institutions, macroeconomic stability, health, environment, human capital, markets, innovation and productivity across 141 economies.

Brunei headed the list in information and communications technology adoption (26th), labor market (30th), institutions (50th), infrastructure (58th) and skills (59th).

The report stated that led by Singapore, East Asia and the Pacific region is the most competitive in the world, followed by Europe and North America. Hong Kong SAR (3rd) and Japan (6th) also feature in the top 10.

The report had Singapore overtaking the United States to reach the top spot among 141 countries and regions. Hong Kong was the 3rd most competitive economy worldwide, rising four places from last year, driven by improvements in its health sector and financial system.

Source: China ASEAN Business Council