using these 12 standards, institutions, macroeconomic environment, infrastructure, financial market development, higher education and training, technological readiness, labor market efficiency, health and primary education, goods market efficiency, innovation, business sophistication, and market size (Holodny, 2014). Singapore owns world- class infrastructure, with excellent roads, ports and air transport facilities, and it did a good job in terms of goods and labour market efficiency and financial market…
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