Smart Cities and Economic Growth: Evidence from Singapore

Abstract

With economic development, more and more people choose to live in cities, which brings many problems to cities. The continuous progress of science and technology has led to the emergence of modern information and communication technology and data sharing, and the concept of smart cities has thus emerged. This article combines the definition, goals and impact mechanisms of smart cities, and takes Singapore as an example to analyze the specific impact of the development of smart cities on its economy. Then, according to the definition and goals of smart cities, the article focuses on analyzing the impact mechanisms through which smart cities improve productivity by optimizing resource allocation and industrial structure with big data. Finally, it takes Singapore as an example to analyze the specific impact of the development of smart cities on its economy. Moreover, the growth rates in the fields of technological innovation, information communication, and finance insurance have been even more significant. This demonstrates that the development path of smart cities has a positive impact on Singapore's economy.