Southeast Asia’s digital decade is here. Technology has been critical in helping Southeast Asians get through the COVID-19 pandemic. Now, as the latest eConomy Southeast Asia report shows, the digital economy is poised to play an even bigger role in the region’s future than we had imagined.
Last year, we saw Southeast Asia’s resilience in the face of the pandemic, as people turned to the internet to meet their everyday needs in new ways. This year’s report — published today by Google, Temasek and Bain & Company — shows a resurgence, and looks ahead to a “roaring 20s” where technology will open up exciting new possibilities for hundreds of millions of people across the region.
We now forecast that the digital economy will reach $174 billion in gross merchandise value by the end of 2021 and pick up pace to hit $363 billion by 2025, well above last year’s estimate of $300 billion. For the first time, we also make a 2030 forecast— projecting that the digital economy could reach a value of $1 trillion by the end of the decade. Growth on that scale would see Southeast Asia help define the future of technology globally.
