Global talent competitiveness index: the implication of 6 GTCI pillars on Singapore, Malaysia, and Thailand’s real GDP per capita to promote talent development

Abstract

This study aims to examine the implications of the Global Talent Competitiveness Index (GTCI) against real GDP per capita. Specifically, the study aims to show the relationship between 6 GTCI variables between Singapore, Malaysia, and Thailand and explore the significance and the implications of the GTCI index in the innovation-driven economies.

The conceptual framework can be elaborated through 6 GTCI indices. The first four indices in the input model are: (1) enabling and impeding talent attraction and institutional development; (2) attracting talents; (3) growing talent through formal education, lifelong learning, and access to growth opportunities; and (4) retaining talents through the support of sustainability and lifestyle in the input model. On the other hand, the two variables in the output model are: (5) vocational and technical skills and (6) global knowledge skills.

This is a time-series data, and the data sets were collected from the Global Talent Competitiveness Index with a focus on Singapore, Malaysia, and Thailand from 2013 to 2021, accounting for the total of an 8-year period.

The study found that the GTCI indices of the input model; (3) grow was statistically significant and had a negative correlation; and (5) vocational and technical skills were statistically significant and positively correlated with Thailand’s real GDP per capita. On the other hand, the vocational and technical skills, and global knowledge skills were the variables in the GTCI output model that were statistically significant and had a positive relationship with Singapore’s real GDP per capita.

Essentially, the result of this study illustrates that Thailand needs to prioritize its ability to grow its talent competitiveness as it has a direct negative impact on Thailand’s real GDP per capita. After the comparative examination between Singapore, Malaysia, and Thailand, the study found the correlation between GTCI indices and real GDP per capita should be examined based on each respective country’s context so that appropriate policy could be designed and matched with the condition of talent development. The Thai government should prioritize the development of vocational and technical education and global knowledge skills so that the country can expand its talent supply to match the demand of the market in the innovation-driven economic system.