estonia ’ s efforts. savings and efficiency : • at least 2 % of gdp is saved due to the collective use of digital signatures. • every year, 840 years of working time is saved thanks to data exchange. • the time to establish a business has been reduced from 5 days to 18 minutes. financial indicators : • 98 % of estonian companies are established online. • 99 % of banking transactions are online. • 95 % of tax declarations are filed online – it takes only 3 minutes! e - government indicators : • 98 % of estonians have a national identity card. • over 30 000 people have applied for e - residency. • over 30 % of estonian voters from 116 countries use i - voting in estonian elections. page 6 of 10 healthcare : • 97 % of patients have countrywide - accessible digital records. • 99 % of prescriptions are digital. • there are 500 000 queries by doctors and 300 000 queries by patients every year. these are just some examples of how a small country can gain competitive advantage by embracing digital enablers that lay a foundation to rapidly move towards the digital economy. singapore another good example is singapore. singapore has adopted a smart nation policy, which means that they embrace technology in all their processes and encourage technological innovation and adoption. the monetary authority of singapore ( mas ) has identified 10 enablers to shift towards the digital economy. one of these, similar to estonia and india, is the ability of citizens to store their basic identification electronically. in singapore, this initiative is called myinfo. myinfo is a one - stop data repository that saves time in not having to capture basic information over again. it is a single online personal data platform. it includes your personal information, such as your unique identification number, name, gender, age etc. it can also include your education, employment and income information. such access enables quicker completion of digital online artefacts by using the application programming interfaces ( apis ) of myinfo. the mas has also released its industry transformation map ( itm ) for financial services. their vision is to be a leading global financial centre in asia. the itm aims to achieve real value - added growth of 4. 3 % and productivity of 2. 4 % annually in the page 7 of 10 financial sector. the itm also aims to create 3 000 new jobs in financial services and an additional 1 000 new jobs in the fintech sector annually. china digitisation has also reshaped financial services in china

##s in exchange markets to try to influence exchange rates. this means both that monetary policy is free to operate on stabilization needs, and should be able to do that effectively. fiscal policy, on the other hand, is best devoted to longer run considerations. the second salient point is that for two decades american fiscal policy has been hamstrung by low national saving rates. much attention lately has been devoted to the low rate of personal saving in the united states — the rate that just recently dipped below zero. but while personal saving is one important component of national saving, it is only one component. a country with high business and / or government saving can provide plenty of resources for new capital investment, even with low personal saving. the overall national saving rate, based on a summation of saving in all sectors of the economy, is the key indicator of how much a country is providing for its future. through an accounting identity, it can be shown that this overall national saving rate equals output less private and public consumption, perhaps an easier way to think about the concept. this overall rate of net national saving in the united states averaged 11. 4 percent of net national product from 1950 to 1970, but then fell to 6. 1 percent in the 1980s and to 5. 2 percent in the 1990s. in the long run this drop is bound to show up in a reduced growth path for per capita output. now, when the united states is on the verge of a dramatic rise in potential entitlement spending, seems a particularly poor time for such a sharp drop. but national saving is a long run concept, and the fact that the u. s. rate has fallen does not inevitably make for economic problems. indeed, alan greenspan has recently attributed much favorable recent economic performance to significant capital gains on wealth. these wealth gains are not counted in income from production but they raise consumption, implying a drop in national saving. they also can raise investment, implying an investment boom financed by the saving of foreigners. of course the current account balance of payments deficit implied by the rise in investment and drop in saving may not be sustainable. nor might the capital gains persist. if a nation could consistently count on large - scale capital gains and foreign capital inflows, it would not need as much saving. but capital gains come and go, and inflows may not be sustainable. to provide a strong and consistent basis for future growth, a developed nation will generally need to do its own saving. while there