SINGAPORE – Singapore has retained its position as the second most important country in the world after the USA in the latest edition of the IMD World Digital Competitiveness Ranking.
The ranking published by the Swiss Business School IMD, which is already in its third year, measures the ability of 63 economies to adopt and research digital technologies as a key factor for the economic transformation in business, government and society.
The results are derived from three factors: knowledge, which measures the ability to understand and learn new technologies; Technology that assesses an economy’s ability to develop new digital innovations; and future readiness, which assesses an economy’s readiness for future developments.
The republic did particularly well in the technology and knowledge categories, taking first and third place respectively, but only taking eleventh place in terms of future readiness. Despite the country’s digital-friendly environment and the high level of education and training, society’s attitude towards the introduction of digital technologies is relatively low.
Professor Arturo Bris, Director of the IMD World Competitiveness Center, told The Straits Times: “There seems to be some room for improvement in indicators such as online purchases and smartphone ownership Citizen measures information, public services and participation in public decision-making decreased compared to last year. ”
The US, which has maintained its position at the top of the overall chart from last year, performed particularly well in the sub-factor of scientific concentration, which highlights the investment and production of knowledge required to digitally transform an economy. It ranked # 1 in this category, where Singapore was # 22.
This year two new variables related to robotics have been added to the ranking calculation. Singapore was ranked 32nd for robots in education and research and development and 15th for worldwide sales of robots. “Robots are – in industry – and are – in the service sector – more and more important due to the associated increases in productivity,” said Prof. Bris.
In addition to Singapore, two other Asian economies made it into the top 10 overall this year: Hong Kong, which rose from 11th to 8th place, and South Korea, which moved up to 10th place from 14th place last year.
They belong to several Asian economies that have improved significantly in the last ranking compared to the previous year. Taiwan rose from 16th to 13th place, while China rose from 30th to 22nd place.
Professor Bris said that all of these Asian economies “showed strong advances in their technological infrastructure and the agility of their businesses.”
The top 10 are rounded off by Sweden (third), Denmark (fourth), Switzerland (fifth), the Netherlands (sixth), Finland (seventh) and Norway (ninth).
The results of the World Digital Competitiveness Ranking come after Singapore surpassed the latest edition of the IMD World Competitiveness Ranking in May, a prestigious and longstanding survey that rates the world’s most competitive economies.