mittee is researching the areas of networking, information sources and exchange, security, and electronic mail and directory in an effort to create standards for E-commerce facilities.The Future of E-commerceEconomic SituationSingapore's current economic conditions are conducive to supporting a growing E-commerce industry. Although the unemployment rate increased slightly (1% increase), Singapore's Gross Domestic Product rose considerably (5% increase) from 1998 to 1999. While the GDP has increased, the inflation rate has been negative or zero (-.3 and 0 in 98 and 99 respectively). These factors coupled with a growing exchange rate against neighboring countries are expected to lead to an increase in total consumption. As internet awareness and usage increase a higher percentage of the growing consumption of Singapore will consist of online purchases.Growing Internet UsageIn 1998 there were only 198,733 internet users in Singapore. It is estimated that by 2001 there will be over 1.3 million users. This spike in internet usage coupled with the advent of new technology is expected to sharply increase the amount of E-business. In 1998 E-commerce in Singapore accounted for 20 million dollars. This number is expected to rise to over 855 million by the year 2001.AttitudesThe primary reason internet usage is currently low is the age of the population in Singapore. The majority of the residents of Singapore are baby-boomers. This generation grew up without computer exposure or training. Many of the older citizens don't consider the internet as a viable source for doing business. However, as the world is doing more and more business online, attitudes are changing. The government has passed laws encouraging E-commerce, and the younger generations are recieving more computer training.Government and Private ResearchThe government of Singapore is working hand in hand with information technology firms to create an environment in which E-co...
