PERC managing director Bob Broadfoot told Reuters that the controversy around huge investment losses by Singapore sovereign wealth fund Temasek was a good example of how things could become less transparent in in the island-state.
The Singapore government has come under fire from lawmakers and its citizens over several investment losses, particular its exit from Bank of America which resulted in a loss of over $3 billion, according to Reuters calculation.
The survey ranked Hong Kong second. China, which has been campaigning to fight corruption in its bureaucracy and improve efficiency on the civil service, was ranked 9th in the 2009 poll, two places down from 2007.
Ranking by most efficient to least efficient economies: Singapore, Hong Kong, Thailand, South Korea, Japan, Malaysia, Taiwan, Vietnam, China, Philippines, Indonesia and India.