The digital economy is a bright spot for Singapore and is expected to outpace its single-digit GDP growth, the report said.
The region’s digital economy is also projected to hit US$218 billion this year in gross merchandise value, an 11 per cent growth year on year from 2022. “Growing affluence and increasing digital familiarity in the Republic has created new opportunities in digital financial services, particularly in wealth management and digital banking,” he noted.
Travel recovery has driven growth here, the report added, while noting that e-commerce - Singapore’s largest digital sector – continues to boost growth as well.