Digital economy creating more tech jobs in Singapore
The digital economy contributed 17.3 % to Singapore’s economic growth and created more than 200,000 tech jobs in 2022.
According to a new report published by Singapore’s Infocomm Media Development Authority (IMDA), a statutory board under the Ministry of Communications and Information (MCI), and the Lee Kuan Yew School of Public Policy, Singapore’s digital economy expanded over the five-year period between 2017 and 2022, with its contribution to gross domestic product (GDP) growth raising from 13% to 17.3 %, almost doubling from S$58 billion (US$42 billion) to S$106 billion.
The number of tech jobs increased from 155,500 to 201,100 jobs over the same period, with the rise in tech professional employed rising from 4.2 % to 5.2 %. According to IMDA, more than 70 % of tech jobs are held by Singaporeans and permanent residents, with a resident median monthly wage of SGD $7,376 (USD$ 5390.81), excluding employer Central Provident Fund (CPF) contributions and bonuses. This is up from SGD $5,512 (USD $ 4028.49) in 2017, and significantly higher than the overall median monthly wage, which is S$4,500 excluding employer CPF contributions.
While jobs in software and applications make up most of the tech jobs with significant growth, employment is also growing in jobs involving cloud computing, network and infrastructure, management, and product development.
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Josephine Teo, Minister for Communications and Information and Minister-in-charge of Smart Nation and Cybersecurity, wrote in a LinkedIn post, “We must take advantage of the opportunity for growth that the digital economy brings because it is a great equaliser that allows even small countries like ours to punch above our weight and compete against larger countries.”
“We must also continue to ensure that upskilling opportunities are relevant to industry needs and accessible to those who are keen to acquire them, regardless of their backgrounds, “she said, reported CNA.