S’pore tops Asia-Pacific on youth's economic progress, shows Economist study
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SINGAPORE — Singapore is tops in enabling the economic progress of youth in the Asia-Pacific region, showed an Economist Intelligence Unit (EIU) study commissioned by a philanthropic foundation of banking giant Citi. Among 35 cities worldwide that included Hong Kong, Tel Aviv, Taipei and Bangkok, Singapore was fourth, behind Toronto, New York and Chicago.
While Singapore topped the charts for some indicators used in the study, it emerged near the bottom for a few indicators. It scored well for government effectiveness, quality of employment opportunities for youths, access to technology, corruption, quality of healthcare and safety. But it lagged behind in cost of living, migration (whether youths had moved for school, work or a better life in the past five years) and the youth’s optimism about their economic future.
The researchers used 31 indicators grouped under four categories: Government support and institutional framework for youth; employment and entrepreneurship; education and training; and human and social capital.
The researchers used EIU data and information from organisations such as the World Bank for most of the indicators. For seven indicators, they did secondary research and spoke to nearly 150 youths from each city, as well as experts. In total, more than 5,000 youths aged between 18 to 25 were polled on their perceptions of their economic prospects and aspirations.
Singapore was not alone in its youth population not being as optimistic about future prospects. The researchers found a weak inverse relationship between cities’ performance in youth economic strategy index, and the degree of optimism of the youths. Roughly three-quarters of all the youths surveyed were somewhat or very optimistic about the future, but the figure was 80 per cent or more in Lima, Mumbai, Manila and Jakarta, although these cities ranked between 23rd and 33rd on the index.
Sydney, Singapore, Toronto and Hong Kong were among the top 9 cities on the index, but their youths were less optimistic. The researchers said one potential reason could be current economic times.
“The developed world is still working through the after-effects of the 2008 economic crisis while many emerging countries are continuing to forge ahead — if not as quickly as in the past, then at least faster than wealthier states,” the report said.
The index showed that a wealthy city provides a good economic environment for its younger residents. But well-thought-out policies and programmes can improve economic possibilities for youths regardless of the city’s underlying economic situation, the report said.
Toronto and Johannesburg showed it was possible to “weaken the policy-money link”. The Canadian city, for instance, has a Partnership to Advance Youth Employment initiative, where business leaders work with a range of employers to increase youths’ access to job opportunities. The city also provides job coaching and matches qualified young people with opportunities.
Singapore was found to have “no dedicated youth policy per se”, although the National Youth Council runs the Youth Corps Singapore, Outward Bound Singapore and Youth Expedition Project. The working environment was safe, with no discrimination found against young people. Youths have access to public healthcare, study loans and scholarships.
Citi Foundation president Brandee McHale said he hopes the research — done earlier this year — guides discussion about policies that can best support young people’s contribution to sustainable cities, while National Youth Council CEO David Chua said the findings will inform its work in helping youths to be active contributors to the country and community. Citi Foundation will assess if the inaugural study will be done annually.
