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SINGAPORE – Singapore maintained its position as the second most digitally competitive country in the world, after the United States, in the latest edition of IMD’s World Ranking of Digital Competitiveness.
Rounding out the top five are Denmark, Sweden and Hong Kong, according to the Institute for Management Development (IMD) at the Swiss business school.
The ranking, now in its fourth year, measures the ability of 63 nations to use digital technologies to drive economic transformation in business, government and society at large.
Three main factors were used to assess a country’s digital competitiveness: knowledge, which measures the ability to understand and build new technologies; technology, which assesses your ability to develop new digital technologies; and Future Readiness, which assesses your readiness to exploit the digital transformation.
This year’s survey was conducted from February to May during the peak of the Covid-19 pandemic.
This meant that the results were colored by the pandemic, which has increased dependence on digital technology.
Professor Arturo Bris, Director of the IMD Center for Global Competitiveness, said: “The post-Covid world will be characterized by a K-shaped recovery, with two types of economies: those that will recover quickly and those that will recover more slowly. .
“The recovery is driven by many factors, such as the health of public finances. But also, fundamentally, by the digital competitiveness of these economies.”
All the top-performing countries were adept at using digital talent efficiently, had effective regulatory frameworks, and were quick to adopt new technologies.
This year’s analysis included a new criterion for “business fear of failure,” which measures the percentage of 18- to 64-year-olds who were unable to start a business due to fear of failure.
The United States, which held its top spot for the third year in a row, performed well in education and research and development. It also led the rankings for the third year in electronic citizen participation.
As in the previous edition, Singapore stood out in the knowledge and technology factors, where it ranked second and first respectively.
He also improved greatly in employee training, where he jumped 12 spots to rank 16.
However, Singapore continues to lag behind in the future readiness rankings, 12th from 11th last year, due to less adaptability to technological change and a drop in business agility.
Hong Kong and South Korea also ranked in the top 10 of the overall rankings this year, with Hong Kong climbing three spots to fifth and South Korea moving up two spots to finish eighth.
Singapore had retained its first place as the world’s most competitive economy in June in the latest edition of IMD’s Global Competitiveness Ranking, a survey of 63 economies that analyzes their ability to generate prosperity.
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