Technology Industry's Impact on Singapore's Economy

65 Mr Saktiandi Supaat asked the Minister for Communications and Information (a) how significant is the technology industry to the Singapore economy, by number of jobs or otherwise; and (b) whether and how the Government expects the wave of global layoffs in major technology companies to impact Singapore and Singaporeans.

Mrs Josephine Teo: The use of technology has intensified across all sectors of the economy, most notably in manufacturing and financial services. While there are no clearly defined boundaries, the tech sector, generally, refers to the Information and Communications (I&C) sector. Last year, the I&C sector grew by 12.2%, which far outpaced many sectors. It contributed $28.4 billion to the economy, accounting for 5.6% of Singapore’s GDP. In the corresponding period, the sector also employed about 170,000 workers, which made up about 5% of total employment in Singapore.

While the I&C sector continues to be a bright spot for Singapore, we recognise that the macroeconomic environment is becoming increasingly challenging, and the I&C sector is not immune to these economic shocks. We will continue to build on our strong fundamentals and invest in our people to make sure that we remain nimble to seize any opportunities that might arise.

We will continue to monitor global developments and work with relevant parties to ensure that our digital economy remains competitive and resilient.