When Singapore gained independence from Malaysia in 1965, it was sadly one of the poorest nations on earth. Statistically, greater than 70% of the total population lived in a state of poverty with equally high levels of unemployment. Imagine for a moment what it was like in a country where at least 14% of the workforce was unemployed and the GDP was only at $516 (USD) per capita.
Compare that to current statistics where total unemployment stands at only 2.2% of the workforce and the GDP per capita is currently $55,182.48 (USD) and the difference is baffling. This major growth in less than 50 years can be attributed to the government’s focus on becoming a technologically advanced nation, which they call being a ‘smart nation.’
What Singapore Lacks in Resources Is Compensated in Technology
Digitisation within all major industries factors heavily into that growth. The thing that is important to understand here is that Singapore sorely lacks in many of the resources that other leading world economies abound in, the greatest being space. There are almost 8,000 people per square kilometre, making this one of the most densely populated nations on earth, the third most densely populated for that matter, and so the government sought to make up in technology what they lacked in natural resources. In fact, digital technology factors heavily into literally every major industry within this city/nation and is said to be the reason for such uninterrupted growth.
Major Industries in Singapore Impacted by Digitisation
The financial sector in Singapore is one of the country’s major industries. As such, global trading continues throughout the day, connecting to major markets as they open. Global trading partnerships and many forex traders are now taking advantage of the digital technology within the MT4 platform. This is just one example of how the financial sector is reliant on digitisation. From banks to brokerages of all kinds, technology enables traders to conduct business around the clock, contributing to the major growth and circulation of wealth experienced in recent years.
Digitisation Improving Quality of Life
Healthcare has also become heavily reliant on digitisation and has been promoting telecare so that no one is without healthcare when needed. There are simply too many people in a small area with limited medical facilities to handle the massive population. Here is where technology compensates for resources and healthcare is just one of many industries that would be sorely lacking if not for digital technology.
In fact, literally every industry has become dependent upon advanced technology because of space and resource limitations. Government is investing heavily on digitising infrastructure as a means to provide services otherwise unavailable and this investment is paying off in the quality of life. Poverty has been replaced by a high standard of living in much of the nation and as the government continues to invest in digitisation that will result in the ‘smart nation,’ world economists believe this geographically tiny nation will one day be among the richest on earth.