The Elite Quality Index 2021 (EQx2021) seeks to measure the way in which elites globally contribute to the development of their societies. Measuring the economic and political power of elites and evaluating how the elites enable or impede economic and political growth.
EQx2021 has ranked Singapore as #1 overall. Switzerland comes in 2nd place, and the United Kingdom (3rd). The U.S. defends its rank (5th) and shockingly Germany falls from 3rd place in 2020 to 15th in 202. Israel made the largest gains in the EQx2021 moving up the global rank to 7th.
With Singapore, Switzerland and Israel clinching top 10 positions, it is no wonder that businesses are looking for opportunities to expand into these countries.
Another factor taken into consideration is the management of the COVID-19 pandemic. The EQx2021 finds that higher quality elites in places like Singapore (rank # 1), Switzerland (rank # 2), Israel (rank # 7), Norway (rank # 8) or New Zealand (rank # 13) have been better able to protect their country from the health and economic impacts of COVID-19.
Foreign Direct Investment
The United Nations Conference on Trade and Development noted that global foreign direct investment flows fell 49 per cent in the first half of 2020 and a 30-40 per cent decline was predicted for the full year.
However, Singapore’s robust investment picture came despite the challenging business environment globally.
Companies that invest in Singapore continue to take the long-term perspective and have trust and confidence in Singapore’s fundamentals, the prospects for Asia.
Robust Supply Chain
Not only does Singapore have a resilient supply chain system, they have had digital capabilities built across sectors. This will facilitate the development of new technologies and adoption of advanced manufacturing.
Innovation and Technology
There had also been progress in promoting innovation and the creation of new businesses and products. Additionally, development of growth sectors such as agri-food and mobility have also gained traction.
Singapore’s trade exposure and investment-driven nature has allowed it to keep up with trends to retain investor interest.
Where does the workforce stand?
More Singaporeans tapped professional conversion programmes (PCPs) last year to learn new skills and switch careers, amid a weakened hiring market due to the Covid-19 pandemic.
Some 6,270 professionals, managers, executives, and technicians (PMETs) joined such programmes last year, a jump of 41 per cent from 2019, Workforce Singapore (WSG) told The Straits Times.
The higher uptake is due to the Covid-19 outbreak disrupting industries and displacing workers, said observers. More businesses are also using this period to transform themselves.
As times change, Singapore prepares their workforce adequately. With disruptive digital transformation coming into the mix, education tracks in Singapore have been incorporating elements of design thinking to marry analytical and creative frameworks. This gradual change is testament to Singapore’s desire to constantly prep the workforce, ensuring that it stays competitive.
The Elite Quality Index can be found here.