Monday, 30 November 2015

Applause for Singapore’s economy and workforce capability

According to the annual "Doing Business" report by the World Bank which was released on 28 October 2015, Singapore emerged as the easiest place to do business globally. Singapore was ranked as the most business-friendly economy in the world for the 10th year in a row.

The report revealed that entrepreneurs in Singapore required an average of 2½ days to start a company as compared to 84 days in Eritrea (the lowest ranking in economy).

The strength of the country’s economy is further evidenced when Indian Prime Minister Narendra Modi described Singapore as Asia's economic lion during his visit in November 2015.

In relation to workforce capability, the World Talent Report from IMD business school revealed that Singapore was ranked 10th globally and as South-east Asian economy’s best equipped to develop, attract and retain talent.

The survey which was conducted around 4,000 executives in 61 countries was based on education, appeal of country to talent and how work-ready people are. Singapore was underperformed in the education category as it was positioned at the 29th place. The country ranked at the 18th position for measurement of how the country appeals to talent.

Singapore performed best in relation to how work-ready people are as it ranked second globally. This demonstrated that Singapore’s strength was based on how well workers have been prepared by the education system and on-the-job development to carry out their tasks.

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