Larger economies to lose the digital race to smaller nations

Several Nordic countries, Switzerland and tech-centric South Korea are ahead of the US and Japan, according to a digital economy ranking conducted by researchers at Tufts University in partnership with Mastercard Inc. India is much further down the list at No. 53. The study places India and China, where “digital economy has been given high priority” by policymakers, in the break out zone. The 8 November demonetisation move nudged Indians towards digital payments, “albeit with mixed results”, says the study. New Zealand has lately been pitching itself to tech entrepreneurs as a safe space to develop away from geopolitical strife. Other countries classified as ‘stand outs’ by the ranking include the UK, whose spend-happy digital consumers and vibrant web economy may give it extra leverage as it negotiates a post-Brexit future.

Factoring in ‘relative digital momentum, the real stars are countries such as New Zealand, Singapore and the United Arab Emirates.