Singapore responsible for the world's second most effective use of IT

May 2013 | Servcorp

Those after any further reassurance that Singapore is now one of the best established IT hubs in the world need look no further than the recently released Global Information Technology Report 2013.

The report, published jointly by the World Economic Forum and the international business school Insead, ranked Singapore second out of 144 economies for its effective use of IT in boosting growth and competitiveness.

This result obviously illustrates the nation's commitment to developing its economy on the back of IT opportunities. However, it also goes a long way to illustrating how well the entire country has pulled together to create what would appear to be a sustainable economy.

Bearing in mind that the core of the report is a Networked Readiness Index (NRI) that examines a broad range of key indicators in 10 major pillars (political and regulatory environment, business and innovation environment, infrastructure and digital content, affordability, workforce skills, individual usage, business usage, government usage, economic impacts and social impacts) it doesn't take a genius to work out that it's taken an effort from people at all levels within the nation.

Consistency is the key term. Bearing in mind that last year's first placed nation (Sweden) has now fell into third spot in the rankings, and that Singapore only trailed the eventual winner (Finland) by the narrowest of margins (0.02 points), Singapore would appear to be achieving a level of steady growth – a rarity in any economy which depends so heavily on IT.

It's also worth bearing in mind that the country received positive feedback within the report for several working areas not exclusively associated with IT. For instance, Singapore's pro-business regulatory framework earned high points in the report for its role in producing a high adult literacy rate, a quality education system and venture capital availability alongside the likes of extensive connectivity, quality government e-services and a high rate of mobile phone subscriptions.

All in all, it'd appear that Singapore's reliance on IT as the backbone of its industry and economy is continuing to pay dividends for the nation, both in terms of economic results and international acclaim. However, the fact that enough attention is still being given to traditional methods of learning is certainly strengthening the nation's position, particularly with regards to future generations still to enter industry.

Of course, only time will tell how everything will develop in the long run, but all signs would currently point to Singapore's current setup leading the Asian nation to all new levels of opportunity.