Minding the skills gap

THIRTEENTH out of 63. That's how Singapore ranks in the latest World Talent Report, released recently by the Swiss Business School IMD. Not a bad showing, you might say, which is true. There is good news but there's also bad news. The good news is that Singapore scores high (2nd) on its "readiness" for the new economy, which includes the quality of its education system, managerial competence and the international experience of its managers. Were it not for its sluggish labour force growth (ranked 37th), it might have made the top spot for readiness.

Singapore ranks reasonably high (17th) on its "appeal" which encompasses its ability to attract talent, the quality of life and remuneration levels - although the ranking was dragged down by the high cost of living (ranked 59th)

The bad news is that it scores abysmally low (41st) on "investment and development", which includes public expenditure on education (ranked 59th) and female labour force participation (37th). It also scores low on its effective personal income tax rate (ranked 45th) and so-so on employee training by companies (25th).