Singapore is leading the way for the digital economy, says annual report
Lead economist credits 'very strong government strategy to promote information and communications technology' for the country's success
Singapore is the country seen as benefiting the most from the investments it has made into technological innovations, according to a report by the World Economic Forum (WEF) on Wednesday.
The country topped the WEF's "networked readiness" index for the second year in a row. The index analyses how prepared countries are to benefit from emerging technologies and opportunities created by digital innovation, which the WEF calls the fourth industrial revolution.
Other top countries listed in the Global Information Technology Report 2016 included Finland, Sweden and Norway. The U.S. is placed fifth in the rankings.
Network readiness is important because it allows for new forms of innovation, according to the report. For instance, the digitisation of products or "uberisation" of services are examples of tech-based innovations.
Margareta Drzeniek, lead economist at the World Economic Forum, explained why Singapore was able to top the rankings.
"You can be small and be open by connecting to the world and making (digital investment) a priority for the country," she says.