Screenshot of top 10 of the 2024 IMD World Talent Ranking
The World Competitiveness Center of the International Institute for Management Development (IMD) in Switzerland released the 2024 IMD World Talent Ranking on Thursday (September 19).
Singapore has risen six places compared with last year, moving from 8th to 2nd worldwide, continuing to rank first among Asian economies. Hong Kong SAR soared from 16th in 2023 to 9th in the world, returning to the top 10 since 2016.
Switzerland remains in the top spot among the 67 economies ranked, with Luxembourg in third. Among the top 10, except for Singapore and Hong Kong SAR, the rest are in Europe.
According to IMD, the ranking hinges on three main factors, namely Investment and Development, Appeal, and Readiness.
Among the three parameters, Singapore ranked 22nd in Investment and Development, 5th in Appeal, and 1st in Readiness. Readiness is Singapore's ace card, listed No. 1 in 2019 and 2020, and second in 2021.
Compared with last year, Hong Kong SAR has improved in all three factors this year, climbing from 6th to 4th in Readiness, rising from 15th to 13th in Investment and Development, and progressing from 32nd to 28th in Appeal.
This year's report also underlined the socio-economic implications of Artificial Intelligence (AI) in the workplace.
As AI technology gradually replaces human labor, social inequality will increase in higher-income economies.
The report points out that in economies where AI significantly replaces human labor, social discrimination is often more common, which may weaken the attraction of highly skilled overseas talent.
These high-income economies include Japan, Thailand, Singapore, the United Kingdom, and Canada. These places are more likely to experience shocks in the early phases of adopting AI but will still benefit from its advantages in the long run.
IMD's annual world talent ranking covers 67 countries and regions, including Ghana, Nigeria, and Puerto Rico for the first time this year. The ranking also refers to the survey results of the International Labor Organization (ILO).
Reporter: Clonde Zhang
Editor: Steven Yuen, Will, James
