Here is another proud moment for Singapore as it is a single non-European country that maintained its position in the top ten among countries compared for citizen well-being on a global level. Studies reveal that Singapore is at 7th position in this league table. The improvement is not only in this sector. Instead, Singapore has scored well for around 10 other areas including employment and infrastructure as well.
The great news for residents of Singapore is that it showed improved performance for almost all indicators on Asian averages; however, economic stability was the only factor for which it dropped position by 24 places as compared to the year 2009. Managing director and senior partner at Boston Consulting Group (BCG), Mr. Vincent Chin, recently revealed that this drop happened just because of the small open economy style of the country. Note that, during this annual study, the economic stability was accessed on the basis of three indicators: GDP growth volatility, inflation volatility, and inflation.
Mr. Chin said that the low score of Singapore in economic stability was derived by GDP growth volatility where it got 81 points out of 100. He mentioned that the impact of the small open economy on this factor could be explained in terms of the economic growth of the country along with the more pronounced business cycle fluctuations as compared to the countries that follow outwardly oriented and less economically open economy design.
In this study, the relative performance of the country as compared to other 151 countries; so, this decline also indicates that many other nations are growing better in terms of economic stability. Considering the performance over the last decade, the overall ranking of Singapore has fluctuated between 6th and 9th positions; however, the biggest gain in this cycle was in terms of equality and employability.
At the same time, the country’s performance was fallen by 25 places for environment sector, and this is again the lowest scoring area. The professionals at BCG also observed that countries that are performing better to ensure well-being for their citizens are also making efforts for the economic growth and they show great improvement over the financial crises reported in the year 2008. At this stage, policymakers in Singapore need to give equal attention to the improvement of citizen well-being and economic growth in the country. It is important to balance the average relationship between both these factors on a global level.
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