It's still a leader on the world stage, but companies are refocusing their priorities
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Singapore slid from second to third place as the world’s most competitive economy this year even as it posted an excellent performance across the board, according to the 2017-2018 World Economic Forum’s Global Competitiveness Report released this week.
The report tracks the competitiveness of 137 economies in 12 pillars driving productivity and prosperity: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.
Singapore ranks first worldwide in the performance of public institutions. It ranks second for private institutions.
It also leads in higher education and training as well as in goods market efficiency.
It places second in transport infrastructure and labor market efficiency. The financial sector, third in the world, is developed, stable and trustworthy.
It is ninth in innovation.
Switzerland and the United States take the two top spots overall, with the Netherlands, Germany, Hong Kong, Sweden, United Kingdom, Japan and Finland comprising the rest of the top ten.
In a statement, WEF founder and executive chairman Klaus Schwab said: "Global competitiveness will be more and more defined by the innovative capacity of a country.”
“Talents will become increasingly more important than capital and therefore the world is moving from the age of capitalism into the age of talentism,” he said.
Meeting challenges to human capital emerges as a key concern.
“Job losses are expected as technology transforms manufacturing and services in the coming years, raising questions about how quickly new jobs will be created and about the future of economic development models based on exporting labor-intensive manufacturing products,” the report warned.
Another key finding is that competitiveness is enhanced, not weakened, by combining degrees of flexibility within the labour force with adequate protection of workers’ rights.
“With vast numbers of jobs set to be disrupted as a result of automation and robotization, creating conditions that can withstand economic shock and support workers through transition periods will be vital.”
The data illustrate the importance of balancing flexibility with protection in labour markets.
The report tracks the competitiveness of 137 economies in 12 pillars driving productivity and prosperity: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.
Singapore ranks first worldwide in the performance of public institutions. It ranks second for private institutions.
It also leads in higher education and training as well as in goods market efficiency.
It places second in transport infrastructure and labor market efficiency. The financial sector, third in the world, is developed, stable and trustworthy.
It is ninth in innovation.
Switzerland and the United States take the two top spots overall, with the Netherlands, Germany, Hong Kong, Sweden, United Kingdom, Japan and Finland comprising the rest of the top ten.
In a statement, WEF founder and executive chairman Klaus Schwab said: "Global competitiveness will be more and more defined by the innovative capacity of a country.”
“Talents will become increasingly more important than capital and therefore the world is moving from the age of capitalism into the age of talentism,” he said.
Meeting challenges to human capital emerges as a key concern.
“Job losses are expected as technology transforms manufacturing and services in the coming years, raising questions about how quickly new jobs will be created and about the future of economic development models based on exporting labor-intensive manufacturing products,” the report warned.
Another key finding is that competitiveness is enhanced, not weakened, by combining degrees of flexibility within the labour force with adequate protection of workers’ rights.
“With vast numbers of jobs set to be disrupted as a result of automation and robotization, creating conditions that can withstand economic shock and support workers through transition periods will be vital.”
The data illustrate the importance of balancing flexibility with protection in labour markets.