Southeast Asia internet economy to hit $1 trln by 2030, report says

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SINGAPORE, Nov 10 (Businesshala) – Southeast Asia’s internet economy is projected to reach $1 trillion by 2030, as tens of millions more people shop online and embrace food delivery, an industry report said on Thursday. .

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Alphabet (GOOGL.O) Google, Singapore state investor Temasek Holdings and global business advisor Bain & Co said the sector has added 60 million new internet users since the start of the coronavirus pandemic, taking a total of 440 million are gone.

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The region of 11 countries is one of the fastest growing Internet markets in the world due to a young population, rapid smartphone use and urbanization, and a growing middle class.

The online industry for Southeast Asia is projected to grow from $174 billion in gross business volume (GMV) by the end of 2021 to $360 billion by 2025 and $1 trillion by 2030, primarily driven by e-commerce and food delivery. Driven by growth. As soon as the consumers stuck at home turned to the internet.

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The report, which includes Indonesia, Thailand, Vietnam, Singapore, Malaysia and the Philippines, found that e-commerce GMV is expected to nearly double to $120 billion by the end of the year and reach $234 billion by 2025.

All countries will see double-digit growth in 2021, with Indonesia alone, the region’s most populous country, contributing 40% of Southeast Asia’s $70 billion to total GMV.

The Philippines saw a growth of 93%, becoming a $17 billion digital economy.

Bain’s Asia-Pacific Head of Digital Practice, Florian Hoppe, said, “GMV (for Southeast Asia) increased 49% year-on-year, as the seismic consumer and ecosystem changed rapidly, leading to The momentum for mass digital adoption continues.”

Reporting by Fanny Potkin; Editing by Martin Petty

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