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Google: Indonesia's Digital Economy to be Largest in ASEAN by 2024

Adi Ahdiat 13/11/2024 14:26 WIB

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According to research by Google, Temasek, and Bain & Company, Indonesia will have the largest digital economy among the six major ASEAN markets in 2024.

Projected Gross Merchandise Value of the Digital Economy in 6 ASEAN Countries (2024)*

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Projected Gross Merchandise Value of the Digital Economy in 6 ASEAN Countries (2024)*

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Indonesia has the largest digital economy among the six major ASEAN markets.

This is evident from the *e-Conomy SEA 2024* research report released by Google, Temasek, and Bain & Company.

Google, Temasek, and Bain & Company measured the value of the digital economy in Southeast Asian countries based on gross merchandise value (GMV), which is the value of goods/services sold within a specific period.

The calculation includes the GMV from several key digital economy sectors, namely e-commerce, online food delivery, online transportation, online travel/tourism agents, and online advertising/entertainment media.

The total GMV of Indonesia's digital economy in 2024 is estimated to reach US$90 billion.

Meanwhile, the total GMV of the digital economies of Thailand, Vietnam, Malaysia, the Philippines, and Singapore are smaller, as shown in the graph.

Although the values vary, the digital economies in these six major ASEAN markets all experienced positive growth.

The Philippines had the highest growth rate, with its total GMV in 2024 growing by 20% year-on-year (YoY).

Thailand's GMV in 2024 grew by 19% (YoY), Vietnam by 16% (YoY), Malaysia by 16% (YoY), Singapore by 13% (YoY), and Indonesia by 13% (YoY).

"The GMV and revenue of Southeast Asia's digital economy have experienced continuous double-digit growth over the past three years," said Google, Temasek, and Bain & Company in their report.

"This demonstrates resilience against inflationary pressures and new market entrants," they said.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Google: Indonesia's Digital Economy to be Largest in ASEAN by 2024

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