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Singapore's digital economy sees significant growth


Singapore’s digital economy contributed an impressive 17.3% to its GDP in 2022, up from 13% in 2017, according to a report released by the Infocomm Media Development Authority (IMDA) on Friday, October 6. This increase corresponds to an almost double rise in its economic contribution, from SGD58bn to SGD106bn over five years. The report, produced in collaboration with the Lee Kuan Yew School of Public Policy, defines the digital economy’s contribution as the aggregate income from domestic production of goods and services, taking into account factors such as gross operating surplus, remuneration, taxes, and production subsidies. The IMDA highlighted the challenges of comparing digital economy estimates across different regions due to varying definitions and approaches. Their main goal was to assess its economic contribution and growth pace in Singapore.

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