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SINGAPORE DIGITAL ECONOMY REPORT via IMDA | Smart Nation Singapore
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How Singapore is planning its digital economy
SINGAPORE DIGITAL ECONOMY REPORT via IMDA | Smart Nation Singapore
Singapore's Digital Economy: A Significant Contributor
In 2023, Singapore's digital economy (DE) continued to play a vital role, contributing $113.2 billion to the country's economy. This represents 17.7% of Singapore's Gross Domestic Product - GDP.
The digital economy comprises two main parts:
The value-added (VA) of the Information and Communications (I&C) sector.
The VA generated from digitalization in other industries.
Growth and Progress
From 2018 to 2023, Singapore's digital economy grew at an impressive rate of 11.2% per annum, outpacing the country's overall GDP growth rate of 5.8%.
Adoption of Artificial Intelligence
The adoption of AI is on the rise:
- 44% of larger enterprises adopted AI in 2023, up from 16.7% in 2018.
- Small and Medium-sized Enterprises (SMEs) also saw a modest increase in AI adoption, from 3.5% in 2018 to 4.2% in 2023.
Benefits of AI Adoption
Almost all businesses that adopted artificial intelligence reported improvements in productivity and processes.
Outlook
Singapore's digital economy remains resilient and is expected to continue growing positively in the long term.
Author
AiUTOMATING PEOPLE, ABN ASIA was founded by people with deep roots in academia, with work experience in the US, Holland, Hungary, Japan, South Korea, Singapore, and Vietnam. ABN Asia is where academia and technology meet opportunity. With our cutting-edge solutions and competent software development services, we're helping businesses level up and take on the global scene. Our commitment: Faster. Better. More reliable. In most cases: Cheaper as well.
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