Singapore among top 15 in Kearney’s 2023 Global Services Location Index (GSLI) report. Read more at straitstimes.com.
SINGAPORE – Countries which can quickly reskill their workforce in response to changing market demands and technological disruptions will have a competitive edge, according to the regional head of global management consulting firm Kearney.
The biennial GSLI ranks 78 countries based on 52 metrics that cover four dimensions – financial attractiveness, people skill and availability, business environment, and digital resonance, which refers to the digital skills of the labour force and digital outputs of business activity. The global market for business services grew to US$681 billion in 2023 from US$624 billion in 2022, and is expected to rise at a compound annual growth rate of 8 per cent through 2027, Kearney said.India, China and Malaysia continued to lead the top 10 in global ranking due to their cost advantage, abundant talent pool and strong skills. Indonesia, Vietnam, Thailand, the Philippines, and Singapore ranked among the top 15.
It is estimated that Singapore’s tech economy would need another 1.2 million digitally skilled workers by 2025. To meet this demand, the Government announced in 2020 that it would invest $25 billion over a five-year period on research and development projects.To date, training programmes and initiatives to help Singapore workers develop their skills and stay relevant include SkillsFuture Singapore, TechSkills Accelerator and Industry Transformation Maps.
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