Reference no: EM131410768

ARTICLE 2

For six years running, singapore was ranked the second most competitive economy in the world by the World Economic Forum (WEF) but it not in the new leaderboards in the new reports that measure how inclusive and equal countries economic performance is.

While the traditional rankings prized performance in categories singapore gets top marks in-such as high education and training, and goods market efficiency-the new index has indicators that measure how well economic performance translates into social inclusion, such as assets building and entrepreneurship, employment and labour compensation and fiscal transfers. The World Economic Forum urged government to shift their economic policy priorities to respond more effectively to the insecurity and inequality that accompany technological changes and globalization.

Compare to the old model, Iceland and Denmark ranked top 5, which were ranked 27th and 12th previously. Singapore didn't receive an overall rank because of missing data, said the World Economic Forum although average scores put it around eight place.

World Economic Forum proposed a set of key performance indicator to consider a more complete picture of national economic performance than from GDP alone to more sustainable and well-rounded advancement of living standard. In the new development index, GDP per capita is one of the 12 indicators.

The report seeks to help countries and the wider international community practice inclusive growth and development by offering a new policy framework and corresponding set of policy and performance indicators for this purpose.

KEY ECONOMIC FACTORS