SINGAPORE (Reuters) – Southeast Asia’s internet economy is expected to grow 11% year-on-year in 2023, slowing from last year’s 20% growth, an industry report showed on Wednesday.
The annual report published jointly by Alphabet’s Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company, also said the region’s internet economy is seen worth $295 billion by 2025, down from a previous estimate of $330 billion.
“Digital economy sectors are showing positive growth trajectories, with travel and transport on track to exceed pre-pandemic levels by 2024,” the companies said in a joint statement.
The region of 11 countries and more than half a billion people has a young population, widespread smartphone usage, and a growing middle class, making it one of the world’s fastest growing internet markets.
(Reporting by Chen Lin; Editing by Kanupriya Kapoor)
