Singapore retained its spot as the world's second most digitally competitive country, after the United States in the latest edition of the IMD World Digital Competitiveness Ranking.
Denmark, Sweden and Hong Kong rounded up the top five positions.
Now in its fourth year, the ranking measures the capacity and readiness of 63 nations to adopt and explore digital technologies as a key driver for economic transformation in business, government and wider society. This year’s survey was carried out in February to May, during the peak of the Covid-19 pandemic.
A country's digital competitiveness is assessed based on knowledge, which measures the capacity to understand and build new technologies; technology, which evaluates its ability to develop new digital technologies; and future-readiness, which assesses its preparedness to exploit digital transformation.
The clear trends in 2020’s results that run through the top performing countries were the efficient use of digital talent, a reflection of having the technological infrastructure in place and use of the technology available.
The Covid-19 pandemic has shown how important digital capabilities are to all nations in ensuring that essential services and communications can continue in a highly disrupted environment. Firms have also accelerated their digital transformation.
Singapore ranked first as the world's most competitive economy in the latest Institute for IMD World Competitiveness Ranking released earlier in June this year.