The WEF Index is designed to measure economic growth which is inclusive. Singapore traditionally earns high ratings on this index and this is good news for the island city-state. These good rankings are nothing new. The truth is that Singapore has ranked number two in the WEF Index for six years now, until this year, when it’s dipped to eighth place on the index. Over the past six years, the only country which ranked higher was Switzerland.
While the downturn is noticeable, it’s safe to say that sitting in the top ten out of thirty nations is a good result. Countries which moved ahead of Singapore in the Index include Luxembourg and Norway. The way that the index is calculated has undergone some shifts and this is probably the reason why Singapore is not rating as highly as of late.
The indicators which are utilized in order to measure performance have been altered pretty significantly. These days, the experts who put together the index are looking for different things from nations which are ranked, including the way that their economic performance relates to making their countries more socially-inclusive. Apparently, certain nations are outpacing Singapore in terms of delivering in key areas.
However, despite its fall on the index, Singapore is a progressive country which is faring well economically and offering lots of perks to entrepreneurs. It’s a nation with real potential and also has the lowest murder rate in the world. It’s a safe place to live and to do business. Upgrades to the health care system are expected and a lot of assistance for start-up companies in fintech and other niches is becoming available. With this in mind, Singapore may rise in the rankings in future years.
In particular, Brexit is expected to bring more offshore investments to Singapore, as people decide to take their investments out of the UK. This signals an opportunity for new economic growth in the future.
Singapore wasn’t given a formal ranking of eighth place. This is merely an estimate. Missing data made it hard for the people who put together the index to get a clear reading on where Singapore fits into the big picture. This is another reason why the Republic may not have ranked as highly. Hopefully, all data which is needed in order to assess the country will be available before the next version of the WEF Index is available.
Singapore Has Plenty of Promise
These types of indexes are valuable. However, it’s clear that, despite the tumble in the rankings, there is still a lot to be excited about when it comes to Singapore. While the leaders of the nation and its business titans should definitely take notice of the rankings and consider ways to improve, the missing data may be a crucial factor which led to Singapore’s WEF Index plunge. In order to get a more detailed picture of where Singapore stands versus the other twenty-nine nations, we’ll all need to wait for the next version of the index.