According to World Economic Forum, Singapore is one of the nations to become the digital economy. The reports further said that the nation has been benefitted most from the technological innovations.
The other countries that made to the WEF’s “network readiness” index are Finland, Israel, Singapore, the Netherlands, US and Sweden. These nations have been ranked by WEF on the basis of contribution of information and communication technology to their economy, political and regulatory environment, skill and affordability.
The report says, “This technology-enabled innovation, in turn, unleashes new competitive pressures which call for yet more innovation by tech and non-tech firms alike,” said the report.
Why Singapore topped the rankings? The reason is explained by Margareta Drzenik, economist at the World Economic Forum, as she says, “You can be small and be open by connecting to the world and making (digital investment) a priority for the country. This is what Singapore has done,” she added. She also said that Singapore state bodies are dedicated to promote ICT (Information and Communication Technology).
World Economic Forum released its report this Wednesday which was majorly based on the economic and social impact of Information and Communication Technology.