Singapore – 4th in Youth Economic Progress Globally
Singapore is well-known as an international economic growth hub located strategically at the heart of Southeast Asian areas, but it has also done much more than just that. In a recent study, Singapore was found to place 4th in youth economic progress, the highest rank any Southeast Asian country has received in this field. Singapore has once again stumped its neighbouring counterparts and has arisen as the best in terms of economic growth in the area.
The study was conducted by Economist Intelligence Unit and was commissioned by Citi Foundation. Accelerating Pathways surveyed over 5,000 18-25 year olds on their ideas and options regarding economic prospects and aspirations. The process included a city-level index that assessed the environment experience by youth in 35 major cities worldwide.
Singapore topped the employment and entrepreneurship category, which was no surprise. It also appeared in the top 10 for every other category in the survey, keeping it a consistently high prospect for many of the youth. It came in 7th for government support and institutional framework, 7th for education and training, and again 7th for human and social capital. Aside from these impressive results, Singapore was also among the top countries for 12 sub-indicators, including corruption, health care and safety, opportunities for youth, access to technology, and quality of employment opportunities for the youth.
Despite all of these incredible results, Singapore was ranked last in terms of cost of living because of the expensive prices for goods and services, and was ranked 32nd for youth optimism about their economic future. Finally, they ranked 33rd in terms of migration, which depended on whether or not respondents have had to move for education or better quality of living in the last five years.
Singapore ranked 4th in the list, coming in close to Toronto, New York, and Chicago. Despite some of the low rankings it raked it from some of the sub-indicators, Singapore still reigned supreme in comparison to other countries and cities within the Southeast Asian region. This makes it the ideal place for your business minded individuals to establish their base camp and begin their enterprise in the years to come.
Singapore puts a great amount of concern into the image that they have on young entrepreneurs. It is because of these investors, both local and foreign, that Singapore has become the thriving city-state that it is today. Singapore is one of the best locations for many companies because of its ideal location and unparalleled advantages in terms of economic growth. The city-state allows 100% ownership in many of its economic sectors, which means foreign investors who establish their headquarters in this country won’t have to worry about splitting their profits with the country or the government. Singapore also allows foreign companies to gain access to the same benefits and advantages that local companies are given.
Singapore aims to improve its economic atmosphere further to help resolve the issues that many of the youth see in them.