Hong Kong & Singapore – top SE Asian economies in Global Competitiveness Report


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.

View image on Twitter

The report measures the economies based on the following pillars:

Major Pillars to Make an Economy Competitive

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:

Hong Kong Singapore
Overall 5.4 6.1
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.

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