Singapore Talent Attraction Ranking Drops to 7th Worldwide
- Singapore has slipped from its long-held position as one of the world's most competitive economies,falling to fourth place in the 2024 IMD World competitiveness Ranking.
- The 2024 ranking, released on June 17, 2024, places Singapore behind Denmark, Ireland, and Switzerland.
- Singapore maintained its strengths in areas like a competitive economy,the proportion of science graduates,and the number of international tertiary students.
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Singapore Falls to 4th in IMD World Competitiveness Ranking 2024
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Singapore has slipped from its long-held position as one of the world’s most competitive economies,falling to fourth place in the 2024 IMD World competitiveness Ranking. this marks the frist time in over a decade that Singapore has not been in the top three.
Key Findings of the 2024 Report
The 2024 ranking, released on June 17, 2024, places Singapore behind Denmark, Ireland, and Switzerland. The IMD world Competitiveness Center assesses 67 economies based on over 330 criteria,encompassing economic performance,government efficiency,buisness efficiency,and infrastructure.
Singapore maintained its strengths in areas like a competitive economy,the proportion of science graduates,and the number of international tertiary students. Its performance on the OECD’s program for International Student Assessment (PISA) survey of 15-year-olds also contributed positively.
The nation also secured third place in a sub-indicator evaluating how highly skilled foreign professionals perceive its business environment.
Challenges and contributing Factors
Despite its strengths, Singapore faces increasing challenges related to the cost of living. Arturo Bris, director of the IMD World Competitiveness Center, highlighted at a press conference on Monday, June 17, 2024, that the rising cost of living is making it more arduous to retain talent.
While Singapore excels in education, Bris noted a relatively low investment in the sector contributes to a lower ranking in that specific area.
Professor Misiek Piskorski, dean of executive education at IMD, pointed to a trend of organizations relocating to neighboring countries – Indonesia, Malaysia, Thailand, and Vietnam – where they can access a “similar quality workforce for a much lower price.” He explained that talent frequently enough follows these organizational shifts.
Future Outlook and Regional Competitors
Despite the current dip, Professor Piskorski expressed optimism about Singapore’s ability to rebound, anticipating a “very well thought-out plan” to attract talent back to the country.
Hong Kong and the United Arab Emirates also demonstrated strong performance among Asian economies, ranking 7th and 9th respectively. Both economies have successfully attracted significant numbers of international students.The UAE boasts a “highly competitive” private sector, while Hong Kong received praise for its “outstanding” academic performance.
The IMD report emphasizes the importance of international student mobility as a foundation for long-term talent strategies, particularly for countries capable of integrating these students into their labor markets.
asian Economies in the Top 50
| Rank | Economy |
|---|---|
| 17 | Taiwan |
| 25 | Malaysia |
| 37 | South Korea |
| 38 | China |