Using 3 key factors – investment and development, appeal, and readiness, the report ranks economies in terms of how well they develop, attract and retain talent.
While Singapore has ranked highly in terms of its ability to attract foreign talent, it ranked poorly in the investment and development of home-grown talent at 38thplace.
Director of the IMD World Competitiveness Centre Arturo Bris said that while Singapore manages to attract the “very best talent from abroad, this isn’t enough to compensate for the lack of development of local talent”.
In response to media queries from the Business Times, he also noted the “paucity of public-sector investment in education” where Singapore spends 2.99% of its GDP on education, which ranks 56th in the world.
Additionally, Singapore came in 41st place for the ratio of teachers to students at the primary level and 35th place at the secondary level.
In addition, the costs of living – which the Professor described as “incredibly expensive” – was also cited as “a major concern for those working here or thinking of doing so.”
Hong Kong remains the only Asian economy to be ranked in the top 10 spots.
* Editorial by The Singapore Daily