ASEAN's Digital Economy Could Reach US$330 Billion: These Are the Biggest Contributing Sectors

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Cindy Mutia Annur 06/09/2023 16:52 WIB

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According to projections by Google, Temasek, and Bain & Company, the value of Southeast Asia's digital economy could reach US$330 billion by 2025. This value is largely driven by the e-commerce secto

ASEAN Digital Economy Value Projection by Sector (2025)

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ASEAN Digital Economy Value Projection by Sector (2025)

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According to a report titled *e-Conomy SEA 2022* by Google, Temasek, and Bain & Company, the value of Southeast Asia's digital economy is projected to reach US$330 billion by 2025. This is equivalent to Rp5,049.66 trillion (using an exchange rate of Rp15,302/US$).

This digital economy value reflects the projected gross merchandise value (GMV) of goods and services sold over a specific period.

Google, Temasek, and Bain & Company project that the Southeast Asian digital economy in 2025 will be supported by the e-commerce sector, with an estimated GMV of US$211 billion. This accounts for 63.93% of the total value of the ASEAN digital economy.

Other digital economy sectors are predicted to contribute the following GMV: online travel booking services at US$44 billion (13.33%), followed by online transportation and food delivery at US$39 billion (11.81%), and online media at US$36 billion (10.9%).

In line with these projections, Coordinating Minister for Economic Affairs Airlangga Hartarto believes that the digital economy in Southeast Asia will continue to strengthen, along with the launch of the ASEAN Digital Economy Framework Agreement (DEFA), which will be implemented in 2025.

The launch of ASEAN DEFA is a collaboration between Southeast Asian countries to leverage the vast potential of the digital world, through a secure and interconnected digital economy foundation.

"If DEFA is implemented in 2025, it will increase the potential of the ASEAN digital economy, which under a business-as-usual scenario is US$1 trillion, but with the implementation of DEFA, it will increase to US$2 trillion in 2030," said Airlangga, as reported by *Kompas.com* on Tuesday (September 5, 2023).

According to Airlangga, DEFA aims to empower businesses and stakeholders throughout ASEAN through accelerated trade growth, increased interoperability, the creation of a secure digital environment, and increased participation of MSMEs.

"ASEAN member states are also committed to creating a sustainable and inclusive digital ecosystem," he said.

Airlangga continued that current efforts support MSMEs and e-commerce. He added that policy harmonization, including data flow, related to DEFA is still ongoing.

“DEFA itself has a long-term outlook and a deep dive study has been conducted by the ASEAN Secretary-General and his team,” he 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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ASEAN's Digital Economy Could Reach US$330 Billion: These Are the Biggest Contributing Sectors

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