The full McKinsey report can be seen at:
http://www.mckinsey.com/clientservic...tems_Final.pdf
Note that McKinsey is a management consultancy. Did not know that they had expertise in educational policy and philosophy, but there you go. Personally, I would prefer to read reports by well respected university departments of education, whose reports are published in peer-reviewed journals.
Tay Xiong Sheng does not make it clear what is meant by 'best' in the world. McKinsey's agenda seems to be asserting the primacy of the relationship between educational systems and economic success. Some of us think that there is more to education than producing future factory fodder.
In the Preface of the Report, McKinsey states: "We have chosen not to focus on pedagogy or curricula". Really!? McKinsey states that the reason is: "These subjects are well-debated in the literature". This seems a bit of a cop-out. Surely the essence of education is what is taught and how.
If the cost of having slightly lower economic growth is producing more rounded individuals with compassion and empathy for their fellow man, then I would go for slightly lower economic growth.
Maybe I'm in a minority...
PS: As an aside, is human capital Singapore's only natural resource? I thought having a deep-sea harbour strategically placed on international shipping lanes is a significant natural resource, or don't I understand economics as well as education?