Singapore’s Achilles’ heel revealed in global competitiveness ranking

It had a very low rank in one key criterion.

The city-state ranks 2nd for the fifth year in the row in terms of world competitiveness, and remains one of the most consistent performer among the world’s economies. However, despite having the second most attractive labor market in the world, Singapore still struggles with the participation of women in the workforce.

According to WEF’s most recent Global Competitiveness Report, the island nation ranked 75th in the world in terms of women in the labor force, a relatively low number considering the state of Singapore as one of the world’s most advanced economies.

Meanwhile, Singapore fulfilled the other criteria stellarly, being in the top 10 in 9 out of 10 pillars. It was also ranked as one of the two economies, together with Hong Kong, ranking in the top three in goods, labor, and financial market efficiency.

“With the best higher education and training system in the world (1st, overtaking Finland), Singapore is well placed to increase technological adoption (5th, up two), business sophistication (18th, up one), and innovation (stable at 9th). The economy can rely on top-notch infrastructure (2nd), a transparent and efficient institutional framework (2nd), and a stable macroeconomic environment (12th),” the report said.