Globally, Singapore is ranked second behind Switzerland, also for the fourth year running. Among countries in the Asia Pacific, Australia, New Zealand, Japan, Malaysia and South Korea are also ranked within top 30 worldwide.

The report, which was announced during GTCI’s regional launch at the INSEAD Asia campus in Singapore, focused on talent and technology, and it explored the effects of technological change on talent competitiveness and the future of work, it said.

The report also showed that high-ranking countries share key traits, including educational systems that meet the needs of the economy; employment policies that favour flexibility, mobility and entrepreneurship; and high connectedness of stakeholders in business, education and government as well as a high level of technological competence.

“This year’s GTCI report shows that countries in the Asia Pacific region demonstrate strong talent readiness for technology,” said INSEAD dean Ilian Mihov. “It also highlights the important role of education. Educational systems have to revamp to help learners foster learning agility and adjust on the fly (to) changing conditions.”

Su-Yen Wong, CEO of Human Capital Leadership Institute, added: “The recent report published by Singapore’s Committee on the Future Economy suggested that building strong digital capabilities is one of the key strategies that will propel Singapore’s growth for the next two decades.

“Digital technologies will help small and exposed economies like Singapore punch above their weight by creating means for their businesses and talent to reach out to the global market. Countries must continue to upskill their workforce so that they can adapt to the digitisation wave and the sweeping structural changes that are poised to shake up traditional work arrangements.”