South East Asia’s Internet economy, spanning online shopping to games and advertising, will surge sixfold to about $200 billion in the next decade, according to joint research by Google Inc. and Temasek Holdings Pte.
As more consumers get online and shop from smartphones, e-commerce in the region could jump to $88 billion by 2025, a 16-fold increase, according to a report the two companies released in conjunction with a conference in Singapore.
That growth will be driven by an increase in the number of Internet users from 260 million to 480 million by 2020, according to the report.
Indonesia, the biggest economy in South East Asia, is projected to add Net users faster than any other country in the world, according to the report.
Despite such prospects, the region that also includes Malaysia, Singapore, the Philippines, Thailand and Vietnam attracted less than a fifth of the venture capital funding India received in 2014. In 2014, VC investment in Southeast Asia accounted for 0.04% of its gross domestic product. That compares with 0.15% in China, 0.25% in India and 0.3% in the U.S., according to the report.
“There’s a $200 billion opportunity in South East Asia,” Rajan Anandan, managing director of South East Asia and India at Google, told the conference. “Affordable smartphones and affordable data are really driving this revolution.”
Google and Temasek, Singapore’s state-owned investment company which invests in VC firms and startups through its unit Vertex Venture Holdings Ltd., worked together on the report, using Google’s proprietary data, Temasek’s research, as well as interviews with 59 experts.
Bangkok allows five types of venues to reopen
The Bangkok Metropolitan Administration (BMA) has announced the latest Order of the Temporary Closure of Premises (No. 32), allowing the following five types of venues in Bangkok to reopen from 14 June, 2021.
The Bangkok Metropolitan Administration (BMA) has announced the latest Order of the Temporary Closure of Premises (No. 32), allowing the following five types of venues in Bangkok to reopen from 14 June 2021.(more…)
Thai economy in the pandemic era: can it ever be the same?
What is the way forward for Thailand, and how strong is the case for a radical overhaul of economic and development policies?
Forecasts for Thai economic growth this year have been widely slashed to less than 2%, some much lower, reflecting growing gloom about the trajectory of an economy battling the third wave of COVID-19 and resulting lockdowns and social distancing measures.(more…)
Subscribe via Email
Recovering global trade supports APAC economies but Tourism exposure will temper Thailand’s rebound
The direct contribution of travel and tourism to Thailand's economy was around 10% of GDP before the pandemic, but the...
Thailand Expects 600,000 Tourists from Phuket Sandbox reopening
From 1 July, Phuket will waive quarantine requirements for foreign tourists who have been fully vaccinated against COVID-19 under the...
Thai Government Plans to Increase 2022 Investment Budget by 90 Billion baht ($2.84 bln)
According to the 2022 fiscal budget bill, which has public spending set at 3.1 trillion baht, accounting for 17.9% of...
Fitch Affirms Thailand’s rating at ‘BBB+’ with a Stable Outlook
Fitch forecasts Thailand's tourism-dependent economy will recover only modestly, by 1.8% in 2021 after a sharp 6.1% contraction in 2020.
One-stop SME information portal connecting ASEAN businesses and beyond
The ASEAN Access is a flagship initiative of the ACCMSME, spearheaded by the OSMEP, Thailand and supported by the Federal...