Singapore SMEs should enter the digital economy to boost growth

Digital economy: The solution to improving the Singapore economy

With SMEs, or Small and Medium-sized Enterprises, contributing 49% ($196.8 billion) to the economy and 65% of the country’s employment, having SMEs enter the digital economy can greatly impact the Singapore economy, says Minister for Communications and Information and Minister-in-charge of Trade Relations S. Iswaran. One reason for this is because leveraging technology can help boost productivity levels. 

Currently, the government is launching programs to support both businesses and individuals into entering the digital economy, such as the digital readiness program. According to S. Iswaran, this is so that everyone in Singapore has access to digital services and the e-government. 

What should Singapore do first to be a thriving digital economy?

Before the Singapore economy can adopt a digital economy to improve its government services and provide better jobs, it’s highly crucial for the country to enhance its digital defense. With cyber threats like online scams, cyber attacks, and circulations of fake news constantly threatening security, there are two things the Singapore economy needs to do to benefit from technology: ensure society is digital-ready and prepare a strong defense plan. 

To do so effectively, it’s critical to raise the digital awareness and resilience of every person in Singapore, especially since citizens are at the front line of the country’s digital defense. Several things individuals can do to maintain their digital defense include practicing good cybersecurity habits, being responsible when sharing information online, and recognizing and avoiding fake online news.

Current initiatives to improve Singapore’s digital defense

Singapore has launched several initiatives to increase people’s cybersecurity awareness and boost the country’s digital defense. One of the initiatives was for the Lab on Wheels program run by Infocomm Media Development Authority. Through this program, students will be taught how personal information can be taken from social media accounts, how to identify phishing emails, and how to create a strong password, readying them for Singapore’s digital economy.

Due to economic slowdown and strengthening baht, Bank of Thailand had cut its benchmark interest rate to 1.5%. Thailand economy forecasts Thai GDP to grow by 3.3%.
The digital economy in ASEAN is expanding faster than predicted, with the e-commerce market value to exceed Google’s forecasted US$200 billion by 2025.
Philippine economy is projected to expand up to 7% due to strong government spending, lower inflation rate and more. WB forecasts Philippines GDP at 6.4% in 2019.
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