Singapore bucks slow productivity trend

It ranked eighth globally in terms of its productivity drivers.

Productivity slowdown is being observed around the world, due to drivers like weak investment, ageing populations, and falling wages. However, Singapore could be one of the countries managing to buck against the trend, Standard Chartered (SC) said.

According to its research, Singapore joined other developed markets (DM) at the top of its Productivity Drivers Index. It grabbed the eighth place, making it one of the Asian economies that have "strong productivity drivers."

The main index ranked countries based on their scores in sub-indices such as total factor productivity (TFP) growth, change in score for regulatory reforms, services potential, investment/GDP, and ICOR.

In terms of TFP growth, it ranked 21st.

Meanwhile, Singapore ranked 11th in terms of change in regulatory reforms. Its score in 2007-2008 against its score in 2014-2015 changed by +0.26, mainly boosted by a +1.17 in business regulations.

Germany and Taiwan led the reform rankings with score changes of +1.04 and +0.91.

The Lion City ranked the highest in SC's services potential sub-index at third place. It had the highest score for five categories, namely FDI and technology transfer, higher education, labour market efficiency, financial market development, and government efficiency.

Meanwhile, Singapore ranked sixth in terms of its investment/GDP.

Lastly, Singapore ranked 10th in terms of incremental capital output ratio (ICOR).

SC observed that ICOR readings across Asian countries are falling when lower figures are supposed to be better. However, Singapore has managed to avoid the trend unlike its neighbours Hong Kong, South Korea, and Taiwan.

SC concluded that Singapore is beside countries like China, Hong Kong, and Vietnam with "best prospects" for productivity. 

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

ARA LOGOS is currently on the 13th spot.
Meanwhile, the demand for petrochemical exports benefitted from this same crisis.
This is expected to speed up the electronic exchange of trade documents.
This is in support of achieving Absolute Zero Carbon by 2040.
Adults will only shop if goods are discounted by at least 48%, survey says.   About 54% of 1,001 Singaporean adults have plans to shop during the Black Friday sales but only if prices of goods are discounted by at least 48%, a survey from Finder.com showed.
This move is in line with its goal to accelerate recommerce growth in SEA.
The notes were released under its $3m Multicurrency Medium Term Note Programme.
Singtel showed the most growth.
Re-exports also saw an increase of 16.4% in the same month.
The marine company apologised to its workers at the dorm.
SG electricity demand peaked at 7,667MW in October 2021.
The two aim to accelerate the progression of AI.
It will focus on sustainable opportunities for companies in Singapore.
Cargo load factor, however, was down by 1.6% YoY to 97.3%.
Despite this, KF pegs their estimated total sales for the year at 13,000 units.