Fourth Industrial Revolution
The automotive sector played a significant role in the country’s economy, contributing 4.2 percent to the country’s total GDP.
Singapore is seen as an exemplary economy that showcased the importance of openness for competitiveness amid backlash against globalisation.
The expanded use of financial technology could drive growth across developing countries by up to US$3.7 trillion by 2025.
Experts are concerned that even if the Thailand 4.0 initiative is successful, its economic benefits would be limited.
The working-age population across ASEAN is expanding by an astounding 11,000 workers daily and likely to be sustained for the next 15 years.
Three other ASEAN states which managed to break into the top 50 ranking include Malaysia (25th), Thailand (38th) and Indonesia (45th).
Leaders discussed the transformative power of new technologies and their potential side-effects.
WEF on ASEAN 2018 will be attended by 900 political, business, academic and civil society leaders.
Alongside rising geopolitical uncertainty, ASEAN countries must grapple with the Fourth Industrial Revolution.
Technological innovation of the 4IR is enabling SMEs in ASEAN to break through barriers and operate globally.
According to the British Chamber of Commerce Singapore, nearly 75 percent of Asian consumers use a smartphone, with a significant proportion from that percentage using their smartphones to pay for goods and services.
According to the Asia Pacific Risk Centre, the global cost of data breaches is projected to reach US$2.1 trillion by 2019.