IMDA’s Post

A testament to Singapore's capacity and readiness for digital transformation, Singapore soared to #3 globally in the IMD World Digital Competitiveness 2023 Index.    Why is this a moment of national pride?    In this prestigious assessment, 64 economies are evaluated on their readiness and capabilities to harness digital technologies for economic and social change.     In its comprehensive methodology, the IMD divides digital competitiveness into three core factors: Knowledge, Technology, and Future Readiness. Each is further split into three subfactors. As a result of this detailed structure, we can have a more nuanced understanding of how countries like Singapore are not only implementing technology, but also strategically positioning themselves to capitalise on its full potential to transform their economies.    Our outstanding performance is the result of our holistic approach to digitalization, which includes cutting-edge enterprise initiatives, forward-thinking government policies, and society that is deeply rooted in digital advancement.    At this moment, we are not simply celebrating; we are introspecting and learning.     ➞ What can Singapore's digital change strategies teach the rest of the world?     ➞ Are there any lessons we can learn from our commitment to continuous learning and adaptation in the digital age?    This ranking goes beyond just accolades to about inspire a better future in which digital empowerment is at the forefront of societal and economic progress.    #Singapore #DigitalTransformation #Innovation    https://lnkd.in/guQm4nst

Singapore has once again emerged as a global leader in digital competitiveness!   In the recent IMD World Digital Competitiveness Ranking (WDCR) 2023 report, Singapore climbed to an impressive 3rd position worldwide, while maintaining its top-ranked status in the Asia Pacific region. Singapore also secured the 1st rank out of 64 countries for fostering an enabling environment for digital technologies. The reports bring forward promising findings, such as Singapore's digital economy contributing 17.3% to our GDP and 99% of resident households having internet access in year 2022. These achievements not only showcase our progress, but also point towards opportunities for further expanding digital adoption across all sectors.   Delve deeper into Singapore's digital advancements in the Singapore Digital Economy Report (https://lnkd.in/gDeMBDnk) and Singapore Digital Society Report (https://lnkd.in/g6BH-7s4), which provide insights into the adoption of digital technologies by Singaporeans and highlight areas for improvement.   #DigiUpdate #IMDA #IMDigitalArchitect #IMDRankings

"The expansion of the digital economy has come on the back of increasing adoption of digital technologies by enterprises, which in turn contributed to the robust growth of tech manpower," stated IMDA in their report. The number of tech professionals has surged from about 155,500 in 2017 to 201,100 in 2022, driven by demand across all sectors. The Singapore Digital Economy report highlights the pivotal role technology and digital transformation play in shaping the future of Singapore's economy. In a world increasingly defined by technology, those who recognize the transformative power of the digital revolution and act upon it will be at the forefront of economic prosperity and innovation. Today's world offers unprecedented opportunities for those daring to embark on their digital journey. It's a realm where creativity, innovation, and ambition are richly rewarded. So, embrace the digital revolution and let your potential flourish in this transformative age. Follow us at Solution Innovation District to kickstart your journey into the digital world. 🚀 #SolutionInnovationDistrict #SolutionIsHere #DigitalEconomy #Innovation #TechRevolution #FutureOfTech #DigitalJourney #EmbraceTheFuture #InnovateToThrive

Partnering the Lee Kuan Yew School of Public Policy, IMDA’s inaugural report on the Singapore Digital Economy is here. Read the full report: https://lnkd.in/gze-QDpi The report shares our perspectives on how Singapore’s digital transformation policies have positively impacted Singapore’s economic growth, and her people through tech solutions such as #CloudComputing, #DataAnalytics and #ArtificialIntelligence. In the face of recent challenges, there's a bright light shining on the tech horizon. 🌞 The demand for our tech talent is surging, and it's creating incredible opportunities for local workers in every industry! 🇸🇬 #IMDigitalArchitect #IMDA

Pleasantly surprised to be congratulated by a friend on Singapore’s improved ranking (3rd) in the IMD World Digital Competitiveness Ranking 2023, which has just been released.   Affirmation is always welcomed, although we are really focused on doing better.   Earlier this year, we published two separate reports, on the Singapore Digital Economy (https://lnkd.in/gmhNfb9U) and Singapore Digital Society (https://lnkd.in/ghTWFZqX). Both provide insights on how Singaporeans are embracing digital technologies, and also identify areas of improvements.   Some of my Parliamentary colleagues, Ms Pei Ling Tin, Mr Sharael Taha, Ms Hany Soh, Ms Jessica Tan, and Mr Alex Yam have filed a motion on “Building an Inclusive and Safe digital society”, to be debated in January next year. I look forward to hearing all their ideas and suggestions on how we can, together, better equip Singaporeans to succeed in our digital future. - Jo Teo   IMDA #SmartNationSG #DigitalEconomy #DigitalSociety #TechForGood #ForwardSG

Singapore’s been in the top 5 for the last five editions of the ranking: a testament to the strong work in building a truly digital nation. The complete results of the 2023 World Digital Competitiveness Ranking are available here: https://bit.ly/3sVIiFo

After three years adrift, Singapore has reclaimed the top position in the 2024 World Competitiveness Ranking, outperforming 67 other economies. The Institute for Management Development (IMD) highlighted Singapore's impressive comeback, excelling in economic performance, government efficiency, business efficiency, and infrastructure. IMD World Competitiveness Ranking 2024. 1) Singapore   2) Switzerland  3) Denmark  4) Ireland  5) Hong Kong SAR 6) Sweden  7) UAE   8) Taiwan (Chinese Taipei) 9) Netherlands  10) Norway https://lnkd.in/gze_sYkQ Singapore ranked first in business efficiency, showcasing significant improvements in various factors. Also, Singapore's infrastructure received recognition, leading in technological infrastructure and elevating its overall ranking. Despite economic performance stagnating, the top 10 positions were dominated by smaller economies, emphasizing that size does not determine competitiveness. #Competitiveness #Economic #Performance #GovernmentEfficiency, #BusinessEfficiency #infrastructure I The Straits Times I

Singapore reclaims top spot in world competitiveness ranking after three years We are back where we belong … It is great to see that after four years in doldrums 😉 (well at least consistently under the top 4), Singapore has re-captured the top spot in the IMD World Competitiveness Ranking in 2024 – and this against a field of 67 countries! This Ranking evaluates countries around economic performance, government efficiency, business efficiency and infrastructure. Economic performance: The only field where Singapore tends to underperform (stagnating at #3). Not least due to its small size, cost of living (e.g. rents) is a major drag and the ability to generate sizeable revenues (outside of financial services) is limited. Government efficiency: Not much to be said about this – for years this has been the envy of many other locations – a stable, business friendly government that quickly addresses negative developments (see the recent corruption and money laundering scandals). Lastly a very smooth transition of power to the 4 Gen Leadership – this is a sweet spot. Business efficiency: The standout criteria for Singapore – a strong and efficient labour market (after all Singapore continues to be very attractive to top notch talent) and excellent management practices. Infrastructure: Maybe this is an area where Singapore has a bit of an unfair advantage to other countries in the field, as the size and location give it a head start. But then a lot has been invested in building and is consistently being invested in maintaining a first-class infrastructure including technical infrastructure. In summary, Singapore is back where it rightfully should be, at top of world competitiveness ranking and one can rest assured that resting on these laurels is not an option for the little red dot – more will consistently be done to further improve and maintain the top spot. Please do reach out, if you would like to learn how I can be of help in achieving your regional goals from Singapore. #singapore #businesscompetitiveness #easeofdoingbusiness #apac #tkasiaconsult https://lnkd.in/gP4pVvv9

Singapore reclaims top spot in world competitiveness ranking after three years After being adrift for the past three years, Singapore climbed three rungs and regained the top spot in the IMD World Competitiveness Ranking in 2024 against a field of 67. “Singapore’s performance marks a return to form; last occupying first place in 2020, it then fell to fifth, third, and finally fourth in the following years, while Denmark and Switzerland performed a tussle for power over the top spot,” said the Switzerland-based International Institute for Management Development (IMD), which produces the benchmark based on 333 competitiveness criteria. Coming in ahead of Switzerland and Denmark, the Republic posted robust performances across all four categories that comprise economic performance, government efficiency, business efficiency and infrastructure.

𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞'𝐬 𝐓𝐞𝐜𝐡 𝐒𝐚𝐯𝐯𝐲 & 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐃𝐫𝐢𝐯𝐞 𝐈𝐭 𝐭𝐨 𝐓𝐨𝐩 𝐨𝐟 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞𝐧𝐞𝐬𝐬 𝐑𝐚𝐧𝐤𝐢𝐧𝐠𝐬 Singapore has been ranked the world's most competitive economy in 2024 by IMD, a prestigious academic institute. This is a significant jump from its 4th place ranking last year. Strong business efficiency, positive local attitudes and values, and robust technological infrastructure are cited as key factors for Singapore's success. → Professor Arturo Bris, head of the IMD World Competitiveness Ranking, highlights Singapore's clear economic strategy, strong institutions, and talent focus as key drivers of its success. → Collaboration between public and private sectors in fostering innovation and job creation is crucial for continued competitiveness. → While high prices are a concern, Professor Bris suggests they are a natural consequence of attracting talent and investment. Improved competitiveness rankings are linked to increased capital inflows, foreign investment, and improved national prestige. This attracts more businesses, leading to further economic development. Singapore's previous top ranking in 2020 demonstrates this positive cycle. Overall, despite challenges, Singapore's top ranking is a significant achievement. It reflects the country's strong economic fundamentals and its commitment to continuous improvement. #SimplyFi #EconomicGrowth #Education #Fintech #FinancialFreedom #BusinessPlanning #AsiaMarket #BusinessMindset #BusinesssStrategies #Entrepreneurs #BusinessLegacy #BusinessPlanning #EnterpriseSolution