The Future of Digital Economy 5/7

The Future of Digital Economy 5/7

The future is digital


Digital technologies are changing the way we live, work, consume and create. Rapid digitalisation of industries is creating a digital economy that is redefining the rules of competition globally.

Leveraging the digital economy is one of the key strategies identified by the Committee on the Future Economy (CFE) to position Singapore well in the years ahead.

Why has the digital economy become so important?

What the digital economy will be worth

Simply put, the digital economy is growing at an exponential speed and the potential for growth is tremendous. Right here in ASEAN alone, the digital economy has the potential to grow to US$200 billion by 2025. Globally, the cybersecurity market is estimated to grow to US$170 billion by 2020.

Singapore aims to be a key player in the global digital economy and is in a good position to tap on this growth. Among Singapore’s key advantages are its high security standards and strong reputation as a “trusted partner”.


“If we can see data as a new resource compared to the traditional resources like water, energy, oil and so forth, then we may be able to create new competitive advantages for Singapore, leverage on data to operate new businesses, new jobs for Singaporeans,” said CFE’s Deputy Chairman Chan Chun Sing.

Going Digital for the Future Economy
Do look out for the CFE’s report, which is expected to be completed in the first quarter of 2017. The report will also look into other areas to give Singapore a head start in the future, such as creating jobs and helping workers develop skills for the future, developing Singapore as a connected city, and governance. More details will be available in the coming months.