Financial system ranks 4th

The Straits Times, October 9, 2009
By Jessica Cheam


SINGAPORE'S financial system remained relatively robust despite the global financial crisis, according to the World Economic Forum's latest report released on Friday.

The World Economic Forum's annual Financial Development Report shows Singapore's ranking improving to the top four in 2009, from 10th position in 2008.

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 2008.

It 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, said the report.