Singapore’s digital economy has witnessed impressive growth in recent years, cementing its significant stature in the nation’s economic landscape. The country’s digital economy now makes a substantial contribution, accounting for 17.3 percent of Singapore’s GDP, or an estimated S$106 billion in 2022, and continues to grow robustly. This remarkable expansion of digitalization across various sectors has led to a healthy demand for tech professionals, subsequently benefiting the local workforce.

The insights come from the inaugural Singapore Digital Economy (SGDE) Report, a comprehensive study developed by the Infocomm Media Development Authority (IMDA) in collaboration with the esteemed Lee Kuan Yew School of Public Policy. The report offers a valuable assessment of the state of Singapore’s digital economy, providing a thorough understanding of its trajectory and pace of change over time.

Despite some recent layoffs in the tech sector, the demand for tech jobs is expected to remain resilient as the digitalization of the economy deepens. The SGDE Report highlights the pivotal role that the digital economy plays in Singapore’s economic landscape and its potential to drive further growth and opportunities for local workers in various sectors.

This report serves as a crucial reference point for policymakers, businesses, and individuals alike as Singapore continues to navigate the digital frontier, harnessing the power of technology to foster economic prosperity and innovation. It underscores the need for continued investment in digital infrastructure and workforce development to further strengthen Singapore’s position as a leading digital economy in the Asia-Pacific region.