Singapore, Asia’s Most Digitalized Country (EDI)

Today’s world and business models revolve completely around technology and digital preferences. Modern advances are made every day and in order for a country to move forward both politically and economically. Its businesses, corporations, governments, citizens and consumers must be as digitally advanced and agile as possible.

As Singapore grows both technologically and digitally, many individuals are recognizing that Singapore is a leader within the digital world. As it stands, Singapore is the best-positioned country in the Asia Pacific region to cash in on modern technological advances.

Singapore better positioned than any other Asian country
In the research conducted for the Enabling Digitalization Index or (EDI) as a proxy to cash in on an increasingly digital world, Singapore ranked number 6 out of 135 other countries in terms of the most digitalized countries. Digitalization shows how connected a country is digitally and how well its businesses, government agencies, and citizens utilize digital resources. The other leading countries in digitalization include Germany, the Netherlands, Sweden, and the United States.

Growing in the Digital Age
As inflation and a decrease in worldwide trade cause countries all over the world to struggle to get their economy in good standing, being on the forefront of modern technology can put a country in the best position to cash in from digital advances. For Singapore, digitalization has allowed and will continue to allow the country to grow, regardless of the worldwide economic slowdown.

Singapore’s investment in new technology and its promotion and frequent use of digital advances make it easy to benefit from digitalization. Singapore’s high digitalization ranking indicates its utilization of experience, potential, supply and demand to get ahead in the digital economy. The report uses data derived from this research show that using broadband technology, data centers, big data, IoT and cloud resources plays a major role in helping a country increase its digitalization.

Research from the index indicates that countries like Singapore are more innovative and competitive than other countries due to their level of digitalization. The research from the GEI and the WEF Global Competitiveness realized the relationship between competition and innovation for technologically advanced countries.

Despite Singapore's heavy reliance of trade, the city-state's economy would remain resilient in the face of flagging global trade because it was able to find alternate growth strategies and opportunities, including through digitalization.

This comes amid pushback on mega-trade deals, such as the Trans-Pacific Partnership, which the U.S> has recently stepped away from after several years of negotiations. Global trade has also slowed in recent years on the back of a slowdown in China's previously rocketing economic growth. The World Trade Organization (WTO) has forecast growth in the volume of world trade for 2016 to be at its slowest since the global financial crisis in 2009.

World trade volume is expected to grow by just 1.7% this year, which will be the 5th consecutive year that global trade came in below 3%, the WTO said in 2016.

Technology in South East Asia
Singapore stands as Asia’s leader in technology, while other neighboring countries are not too far behind. Japan placed 15 and China place 44.

As countries continue to advance technologically, other countries have made major jumps from previous years after making intentional efforts to digitalize their country and economy. According to the Index, 12 countries have improved their level of digitization over the course of the year. Countries that have improved in South East Asia include Indonesia, jumping from 39 to 41 and Malaysia, jumping from 21 to 25.

As our world moves forward, it helps to remember that we are still very much apart of the digital age and still have the opportunity to invest in digitalization, whether as a country, corporation or as individuals.