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SINGAPORE – For the first time since its launch some 40 years ago, the World Economic Forum’s (WEF) Global Competitiveness Report has suspended its annual ranking of countries competitiveness.
Faced with the need for new thinking about economic recovery, as well as the lack of data from international organizations amid the Covid-19 pandemic, the WEF has focused on the qualities that will empower a country for future economic transformation. .
It has identified 11 priority areas for governments in four key areas: the enabling environment, human capital, markets and the innovation ecosystem.
These are listed in a special edition of the WEF annual report released on Wednesday (December 16).
He also said that countries like Singapore, which are digitally advanced, are well positioned to manage the impact of Covid-19 because they have strong social safety nets and strong health systems.
“While the immediate priority is responding to the health crisis … it is also a time to determine how we can shape our economic systems in the future so that they are not only productive, but also lead to environmental sustainability and shared prosperity. “. added.
Here’s how Singapore fared in some of the areas:
1. Development of human capital
Singapore tied with Finland for having a tertiary education system that is well placed to meet the needs of employers. Scored 79 of 100 points, behind Switzerland (82).
Overall, human capital development in advanced economies has stagnated for the past 10 years, according to the report. “In developed and developing economies, the talent gap remains large, local education systems are increasingly outdated, and there are limits to international mobility.”
He added that the global talent shortage will remain significant unless countries accelerate retraining and training programs. He cited Singapore and France as examples of countries that have funded workers for additional training.
2. Safety nets and financial strength
Economies with strong safety nets, such as Denmark, Finland, and Norway, are better able to save their livelihoods.
The report also cited Singapore, Taiwan, Finland, the United States and the United Arab Emirates (UAE) as economies with strong financial systems.
This means they can more easily provide credit to small and medium-sized businesses and keep them afloat, he said.
3. Governance and planning
Countries that can better plan and coordinate health measures with fiscal and social policies are more successful in coping with the crisis, according to the report.
Countries that have performed “relatively well” in this area include Singapore, Switzerland, Luxembourg, Austria, and the United Arab Emirates.
4. Health system and research capacity
Anecdotal evidence shows that economies that experienced previous coronavirus epidemics like Sars, such as South Korea, Singapore, and Taiwan, had better protocols and technological systems to contain the Covid-19 pandemic.
Countries with greater biotechnology capacity and established collaborations between universities and companies, such as Switzerland, the United States and the Netherlands, are in a better position to develop solutions to deal with future pandemics, according to the report.
5. Digital transformation
Singapore ranks third on a list of the top 10 economies with a strong digital legal framework. The United States is the first, followed by Luxembourg.
It also performed well in the adoption of information and communication technologies (sixth) and digital skills (sixth). But it’s not in the top 10 for flexible work arrangements like virtual teams and remote work.
The report noted that while countries should incentivize companies to move towards digital business models, invest in ICT development and digital skills, and update their digital legal frameworks, few countries are advanced in all of these respects.
6. Movement of people
Singapore is among the 30 economies out of 141 surveyed where hiring foreign labor has become more difficult than in 2008.
Others include Austria, Switzerland, Denmark, Italy, Iceland, the United Kingdom, and Sweden.
Tightening immigration policies has limited companies’ access to the international talent pool, according to the report.
He also said that Covid-19 has exacerbated the decline in international openness and there is a risk that these protectionist policies and mindsets will persist.
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