According to the latest international education 2030 forecast conducted by the Economic Intelligence Unit (EIU), Singapore ranks 24th out of 25 countries in terms of government investment in education. Singapore also ranks 20th when it comes to producing Science, Technology, Engineering and Mathematics (STEM) graduates.
You may download the report here.
The Singapore government currently spend only 3.4% of the GDP on Education, which ranks 23rd lowest among the 25 countries. This spending will decrease further to 0.7% lesser of the GDP to 2.7% in 2030. The cost of a 4-year degree in Singapore will also increase 17.1% to 70.2% of a student’s average yearly income. However, the number of STEM graduates in Singapore will only increase by 0.5% to 1.8% of it’s labour force by 2030.
Unemployment rates for youth is at 10.9%, which contrasts greatly with the Singapore government’s official unemployment figures of 2.7%. Currently in 2015, only 0.3% of the labour force are new STEM graduates. The Singapore government did not refute the EIU’s figures.