Opinions On The Digital Economy

Author: Kenneth ([email protected])

Published: Tuesday March 23, 2021

The global economy is undergoing a digital transformation and it’s happening at breakneck speed. People are more connected than ever since the advent of the internet.

They want better prospects for themselves. Who wants to be a labourer as their future career. Education, jobs, expectations and etc has fuelled this change and I think it’s here to stay.

The downside is that the benchmark to be successful is also getting higher – increasing barriers to entry such as skill and capital.

Leaders need to reskill staff and the country’s citizens. It also has to be sustainable. Manufacturing, IoT, AI, Cloud Computing, you’ve heard it. And there’s reason every reason to do so.

The rise of the digital economy: What is it and why it matters for Singapore

Going digital is now an imperative for companies across all sectors, and workers are nudged to pick up new skills as the economy embraces more technology as buyers, such as the public, demand and expect more from producers and also due to the competitive nature of doing business.

For instance, the mobile app that allows you to pay a bill, apply for a new credit card and open a new account underscores how banks are tapping technology to create new products and services for digital-savvy customers. With fewer people visiting bank branches, some job functions, such as those of bank tellers, have had to evolve.

The burgeoning digital economy is set to add more value to Singapore’s gross domestic product (GDP). For instance, the number of websites worldwide now are 1.8 billion compared to 350 million just 10 years ago (Although it must be noted that around 75% of websites today are not active, but parked domains or similar). This has created the role of a software engineer that did not freely exists 20 years ago. Another example is the rise of e-commerce sites.