Singapore
has moved up one spot to 16th place this year on a global index that ranks
national prosperity based on both wealth and well-being.
It also came in tops in the economy
sub-index--ahead of overall table leaders such as Norway and Switzerland--with
over nine in 10 people satisfied with their standard of living. Expectations
for the future were just as strong.
The London-based think-tank Legatum's
Prosperity Index assesses 110 countries based on performance in eight areas
such as economy, personal freedom, health and social capital.
China jumped 14 places from a year ago to
claim 10th spot on the economic indicator--which measures performance in areas
such as macroeconomic policies and financial sector efficiency--moving ahead of
the US for the first time. It placed at 52nd overall.
"China's economy is growing quickly, and
citizens are optimistic about the future, but many are dissatisfied with
current standards of living," the report said.
On the safety and security indicator,
Singapore ranked 6th, while in governance it came in 13th, with Singaporeans
having "some of the world's highest levels of confidence in their
Government and its institutions".
However, Singapore was let down by
educationits worst-performing indicator--ranking only 51st in the sub-index.
The report noted that while popular approval
of the education system here is high, workers are only moderately educated with
a higher-education enrolment rate of just under 34 per cent.
The personal freedom and social capital
categories also dragged down Singapore's overall ranking, with the country
placing 30th and 32nd respectively.
Overall, Norway, Denmark and Australia topped
the table.
The US ranked 10th--the same as last year--and
scored high in measures of public health and entrepreneurial environment.
But its position slipped in the governance
sub-index due to a drop in citizens' confidence in federal government, the
honesty of polls and in the judicial system.
"Our dominance is being eroded by the
rise of the rest. The US will have to hustle, or fall further in such
rankings," said CNN host Fareed Zakaria in Washington DC on Tuesday.
"But the US will have to break out of its
deadlocked political system and make choices that involve short-term pain. Our
crisis is political, not economic." he said.
While the shadow of the economic crisis still
looms over many countries, the index shows some bright spots. The report noted
that since 2009, 87 out of the 110 countries have seen a rise in their overall
prosperity score.
Esther Teo
The Straits Times
Business & Investment Opportunities
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