World Economic Forum released 2014-15 Global Competitiveness Report. Hong Kong and Singapore remained the top performing South East Asian economies.
A good summary could be accessed from this Infographic.
The report measures the economies based on the following pillars:
One major pillar that might contribute to Singapore economy to outperform Hong Kong in the future is the higher education and training (5th pillar). I have highlighted some major differences:
|Secondary education enrollment rate (%)||88.7||107.1|
|Tertiary education enrollment rate (%)||59.7||81.3|
|Quality of education system||4.8||5.8|
|Quality of math and science education||5.4||6.3|
In today’s economy, education and science are extremely important to remain competitive, notwithstanding that finance is one of the major economic contributors. Finance relies heavily in mathematics and Hong Kong is really falling behind in all these areas.