In a latest development of education sector and economy it is stated that Singapore remains World’s Second Most Competitive Economy according to popular Study Singapore Educational Consultancy.
Interestingly Singapore kept its position as the world’s second-most competitive economy this year despite concerns over rising business costs, strict labor policies and slow growth. The concept of Study in Singapore has become so much popular among students.
It is affirmed that this is the fifth year running that Singapore has come in second behind Switzerland, which stayed in quality position in the annual Global Competitiveness Report, compiled by the World Economic Forum (WEF). Moreover the ranking of 140 economies is seen as the most trusted assessment of its kind.
Singapore was one of the most consistent performers across economies, faring well in the 12 factors assessed in the study such as fields of infrastructure, health, education, and technological sector.
The Republic did particularly well in terms of goods, labor and financial market efficiency, the WEF noted. Singapore could rely on the most flexible and the second-most attractive labor market in the world. By availability of best higher education and training system in the world, Singapore is well expediently placed to incline technological adoption, business sophistication and novel innovation. The chant for Study Singapore has become more evident in modern days of education system.
These beneficial factors also contributed to Switzerland coming up tops in the competitiveness rankings. They are the world leader in persuasive innovation with world-class research institutions, high spending on research and development by organizations. It is also noted that strong cooperation between the academic world and the private sector.
There are many factors which contribute to Switzerland’s innovation ecosystem, comprising the level of business sophistication and the country’s capacity to nurture talent.
As usual the United States retained its No. 3 spot in the rankings. Although many risks loom on the horizon for the US economy, their expedient could build on ameliorate in institutions, its macroeconomic environment and the soundness of its financial markets.