SINGAPORE (Nov 29): Singapore has fallen out of its position among the top 10 in the IMD World Talent Ranking 2016. The city state fell five places to 15th place while Hong Kong rose two places to take Singapore’s previous rank at 10th position.

This is the second year in a row that Asia has had just one representative in the top 10, according to a release by IMD on Tuesday.

The top 10 countries included Switzerland, Denmark, Belgium, Sweden, the Netherlands, Finland, Norway, Austria, and Luxembourg. Germany was at 11th place.

Besides Hong Kong, all other Asia countries saw a slide in their positions. Malaysia fell from 15th to 19th, Taiwan fell from 23rd to 24th and Thailand fell from 34th to 37th. Mainland China also fell three places to 43rd, and Indonesia placed at 44th.

Professor Arturo Bris, Director of IMD’s World Competitiveness Center which publishes the report, noted that Singapore dropped out of the top 10 due to its “failure to invest sufficiently in both primary and secondary education”.

“There’s no doubt that many Asian countries, Singapore arguably chief among them, remain among the very best attractors of talent from abroad. There’s no doubt, too, that they’re able to improve their overall competitiveness as a result of the knowledge and experience this foreign talent brings”, said Bris.

“But this isn’t enough to compensate for the lack of development of local talent, particularly with regard to the paucity of public sector investment in education.”

Published by IMD business school’s World Competitiveness Center, the third edition of the World Talent Report assesses how countries develop, attract and retain the talent pool necessary for businesses to maximise their performance.

It incorporates over two decades’ worth of competitiveness-related data from the IMD World Competitiveness Center and includes an in-depth survey of thousands of executives in all of the 61 countries studied.