The Digital Economy in Singapore
The digital economy broadly encompasses the production and consumption of digital products and services, digital platforms and business activities that are enabled by digital technologies. This may include activities as ubiquitous as sending emails to more sophisticated ones such as big data analytics. In recent years, the digital economy has garnered the attention of policymakers globally, which is not surprising given that the adoption of digital technologies offers significant potential to empower individuals, transform industries and enhance the competitiveness of economies. In view of its rising prominence, it is important for policymakers to gain a better understanding of the development and contribution of the digital economy.
In this article, we examine the recent trends in, and contribution of, the digital economy in Singapore. We do so by (i) presenting the broad trends in digital adoption among households and enterprises; (ii) estimating the economic contribution of the industries that produce or enable digital goods and services; and (iii) deriving the value that cross-border data flows bring to our economy.
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