IF YOU haven’t been reading news reports about Singapore, TODAY has thoughtfully compiled a list of international rankings which showed that we are NOT Number 1 anymore, or where we’ve slipped in the rankings.
Here’s the run-down of Singapore’s slide this year:
- Dropped from ninth to 10th place in Deloitte’s 2016 Global Manufacturing Competitiveness Index, which was last compiled three years ago.
- Dropped from third to fourth place in Swiss business school IMD’s 2016 World Competitiveness Ranking released in May, saw Singapore falling one position to fourth, increasing the distance to traditional rival Hong Kong which claimed pole position after moving up from second place previously.
- Dropped from first to second place in World Bank’s Ease of Doing Business Index, for the first time in 10 years. Singapore was pipped by New Zealand.
- Dropped from 10th to 15th place in IMD’s World Talent Report 2016 released by IMD, because of lower scores in appeal to overseas talent, and investment and development of home grown talent.
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The Big Read: Amber alert as Singapore slips in several world rankings
For a country that prides itself on staying ahead of the competition, S'pore has slipped down several global rankings over the past year or so.
From competitiveness and ease of doing business to the ability to nuture and attract talent from around the world, the Republic’s competitors have caught up. Even though S'pore remains one of the top performers globally measured by various yardsticks, the competition is heating up
Manpower Minister Lim Swee Say warned as much last month: “Imagine, if we ever allow our cheaper competitors to become better than us, one day, they will be cheaper and better than us. Likewise, if we ever allow our better competitors to become cheaper than us, one day, they will be better and cheaper,” he said at a productivity conference.
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Singapore falls five places in global talent competitiveness ranking
S'pore lags behind its investments in public education, according to global business school IMD's latest World Talent Report. The country's lower ranking was due mainly to a decline in a category that assesses its spending on home-grown talent.
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Amber Alert as Singapore Slips in Several World Rankings
Even though Singapore remains one of the top performers globally measured by various yardsticks, the competition is heating up, and it has slipped in several rankings. Deloitte’s 2016 Global Manufacturing Competitiveness Index, published in March, ranked the Republic at 10th place - dropping one spot from the previous edition three years ago, with Singapore projected to slip further by 2020.
Swiss business school IMD’s 2016 World Competitiveness Ranking released in May saw Singapore falling one position to fourth, increasing the distance to traditional rival Hong Kong. In October, Singapore lost its coveted status as the world’s easiest place to do business, after an unbroken 10-year streak.
Dragged down by factors such as cost and regulatory compliance - which observers had noted were important for security and anti-money laundering efforts - the Republic came in second behind New Zealand in the World Bank’s Ease of Doing Business Index.
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Economy Rankings
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The World's Most Competitive Countries 2016
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Why is everything breaking down in Singapore?
Again, I ask: What in the world is happening to my country? I have a theory. You may not agree with me but, if you indulge an old man his thoughts, hear me out. It has to do with a fishball stick. Not just any ordinary fishball stick but one with an extraordinary historical significance because it was mentioned by Prime Minister Lee Hsien Loong during his National Day Rally in 2014.
It was a fishball stick carelessly thrown on the pavement near Bukit Gombak MRT which a resident had complained about. It was a fishball stick that wasn’t cleared by anyone for a couple of days. It was a fishball stick that had set off meetings between several government agencies as to whose responsibility it was. If you want a metaphor of what’s wrong with this country, that’s it.
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