Digital economy in Southeast Asia to grow 20% in 2022

The region’s GMV is expected to be at $200b. 

The digital economy in Southeast Asia is expected to grow 20% year-on-year in 2022 despite economic headwinds, a report found. 

In its 7th e-Conomy SEA report, Google, Temasek and Bain & Company projected that the gross merchandise value in the region to reach $200b this year. 

“The acceleration of the digital economy during the pandemic has unlocked significant value for industry sectors, but it is critical to recognize that the new macro turbulences ahead will see different growth archetypes emerging across verticals,” Florian Hoppe, Partner and Head of Digital Practice in Asia-Pacific, Bain & Company, said. 

“We are seeing market leaders take a longer-term recovery strategy and invest in capabilities to target markets and consumer segments with higher value generation potential.”

Read more: What’s the ‘hottest’ investment country in Southeast Asia? 

The report noted that of the 460 million internet users in the region, 100 million users have come online in the past three years. 

A high adoption of e-commerce was also seen amongst urban and suburban consumers, particularly in groceries, travel, and music-on-demand.