Singapore has surpassed Hong Kong as Asia’s most resilient economy for the first time, said FM Global recently when releasing its global resilience index.
The island city-state is the region’s biggest mover, rising 10 places to rank 12th overall due to the inclusion of new, more incisive global earthquake data incorporated into the 2021 index calculations, FM Global pointed out.
Hong Kong has dropped 7 places, from 19 to 26 in the index mainly due to increased political risk due to political tensions, the firm added.
China, which the index divides into three territories due to disparate exposure to natural hazards like wind, flood and earthquake, saw the central and western part of the country drop 6 spots from 65 to 71, due to increased earthquake exposure, FM Global said.
Elsewhere in the region, the relative resilience of countries and territories continues to languish with Thailand (ranked 70) Indonesia (82), Philippines (89) and Vietnam (96) all filling places in the bottom half of the Index, GM Global noted.