Singapore created almost 200,000 new tech employment in 2022 contributing 17.3% to the growth of the nation’s economy.
A recent study by Singapore’s Infocomm Media Development Authority (IMDA) found that between 2017 and 2022, the digital economy of Singapore increased substantially. As a result, its GDP climbed from S$58 billion (US$42 billion) to S$106 billion, or 17.3% from 13%.
The number of tech positions climbed from 155,500 to 201,100 throughout that time. As a result, from 4.2% to 5.2% of IT professionals were employed.
According to IMDA, Singaporeans and permanent residents hold more than 70% of IT occupations, with a resident median monthly pay of SGD $7,376 (USD$ 5390.81), excluding employer Central Provident Fund (CPF) contributions and incentives. This is a huge increase from SGD $5,512 (USD $ 4028.49) in 2017 and much higher than the general median monthly pay of S$4,500 excluding employer CPF contributions.
While professions in software and apps account for the majority of the tech jobs with considerable growth, employment in cloud computing, network and infrastructure, management, and product creation is also increasing.
In a LinkedIn post, Josephine Teo, Minister for Communications and Information and Minister-in-Charge of Smart Nation and Cybersecurity, said, “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 added.
