Countries that can attract, develop and retain talent – skilled people – can boost their competitive edge in the global economy.
Singapore ranked second on INSEAD’s Global Talent Competitiveness Index in 2023, underscoring our attractiveness to global talent and strength in developing our local skilled workforce.
Singapore ranks highly for formal education and its ability to match workforce supply and demand. The city-state’s openness towards overseas business and talent are “particularly impressive,” INSEAD says.
To raise Singapore’s competitiveness, the Singapore Government invested in our local workforce through SkillsFuture to empower them to take charge of their career health and seize opportunities to upskill and reskill to remain relevant.
We continued to enjoy high employment rates among the various segments of our local workforce, including fresh graduates, mid-career workers, and senior workers.
Singapore also ranked second on the International Institute for Management Development (IMD)’s World Talent Ranking in 2024.
Singapore’s steady rise to the top – for the first time since the inception of the ranking in 2014 – is driven by its robust performance in the readiness of its talent pool. It was 8th last year.
Singapore’s AI deployment rate of 53% in 2024 is higher than the global adoption level, and among the highest AI adoption rates in the world.
In a speech delivered at the Singapore Business Awards on May 16, Minister for Communications and Information Josephine Teo said that AI is a strategic national priority.
The benefits of AI are fully realised through widespread adoption, far beyond adoption by firms at the frontier, she said.
There are many practical applications that may not look all that impressive but bring tangible benefits to people and organisations that use them.
She explained that for a mature economy like ours, sustaining wage growth for the broad middle is no easy task.
“Yet, over the last 10 years, our real median wage has continued to grow at around 2 per cent per annum. Sustaining such growth requires a collective effort to raise productivity, and AI, as a general-purpose technology, has the potential to do so across many settings.”
“AI is a strategic national priority also because of the adjustments it will demand of our people and businesses,” Mrs Teo said.
“We acknowledge the risks of job displacements and business disruptions. We are determined to ensure there are support measures in place. Everyone who is willing will get help to adapt and have new opportunities to thrive.”
