Its smart city initiative also helped attract and retain workers.
Singapore lagged Switzerland, the top ranker in INSEAD's Global Talent Competitiveness Index (GTCI) this year, but it is ahead of the US and European countries like Norway and Sweden.
According to a press release, the index gave scores based on the policies and practices that enable a country to attract, develop and retain both ‘Technical/Vocational skills’ and the ‘Global Knowledge skills’ associated with innovation, entrepreneurship and leadership—the talent that contributes to productivity and prosperity. Singapore scored 78.42, whilst Switzerland scored 79.90 and the US got 75.34.
European countries continue to dominate the GTCI rankings, with 15 of them in the top 25.
The report said Singapore and the other high-ranking countries show similarities.
"Over time, higher GDP levels naturally lead to higher technology penetration, creating ecosystems with better quality education, business, healthcare and infrastructure. This virtuous cycle leads to stronger talent competitiveness," the school said.
INSEAD also said that the impact of "dense and efficient" information networks is important when it comes to attracting talent, as exemplified by smart cities in Singapore, Dubai, or Abu Dhabi.
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