Singapore Economy Trumps Global Prosperity Index

It is no small feat for Singapore’s economy to be ranked first in the world in a global prosperity index. Released by the United Kingdom-based nonprofit Legatum Institute on (2 Nov), the results also showed that the Republic was ranked 17th globally, putting it third in the Asia-Pacific region and top in the Association of South-east Asian Nations (ASEAN).

This year, Singapore trumped Switzerland to take the top spot in the economy sub-index, climbing one spot from last year. The Republic was ranked within the top 15 for everything except in personal freedom and social capital.

The index measures eight sub-indices: economy, entrepreneurship and opportunity, governance, education, health, safety and security, personal freedom, and social capital.

The index also established that Singapore has the second highest capital per worker in the world of US$240,750 per worker, and 47 per cent of the country’s manufactured exports were classified “high-tech”. 

Under the personal freedom category, Singapore was ranked 38th in the world, while it stood 12th in entrepreneurship and opportunity as well as safety and security. 

The index was first published in 2007. "The purpose of the index is to spark debate and to encourage policy-makers, scholars, the media, and the interested public to take an holistic view of prosperity and to better understand how it is created," the Institute said on its website.

What are your views on how we have prospered as a nation? What can we do to maintain this position?

Source: "Singapore among top 20 nations in global prosperity index, its economy is No. 1", (The Straits Times, 3 Nov 2015)

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