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Singapore second most networked economy globally

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Singapore is one of the best countries in the world when it comes to fully utilitising its information and communication technologies (ICTs).

This is one of the main reasons why the island nation was ranked number two in the Networked Readiness Index (NRI), part of a annual Global Information Technology Report done by Insead in partnership with the World Economic Forum and the Samuel Curtis Johnson Graduate School of Management at Cornell University.

Surveying over 148 economies, the index analyses how markets use ICTs to boost economic productivity and social development.

Outscored only by Finland (6.04), Singapore garnered a score of 5.97.

The report lauded the way Singapore’s individuals, business and governments jointly take responsibility to ensure the local business environment remains as efficient as possible.

“With the best pro-business and pro-innovation environment worldwide, the city-state continues to obtain the top rank in terms of ICT impacts, notably on the social dimension,” the report stated.

“Supported by a government with a clear digital strategy that offers the best online services in the world, an ICT infrastructure that is relentlessly being improved over time (16th), and one of the highest quality educational systems in the world (3rd), notably in terms of math and science (1st), Singapore has become one of the most knowledge-intensive economies globally (2nd) and is an ICT-generation powerhouse.”

The report also identified Singapore’s large number of internet users and low internet costs as contributing to its top placement in the category.

Sweden (5.93), The Netherlands (5.79) and Norway (5.70) rounded up the top five countries in the world with the highest NRI score.

The NRI uses data collected from international organisations such as the International Telecommunication Union (ITU), the World Bank, and the United Nations as well as a survey of more than 15,000 business leaders.

Image: Shutterstock

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