Internet economy of SEA expected to reach US$1 trillion by 2030

The internet economy of Southeast Asia is growing… fast. Industries like online shopping and food delivery have grown exponentially since the beginning of the Covid-19 pandemic, Reuters reports, citing an industry report released yesterday. The region’s internet economy is expected to continue growing, and eventually reach US$1 trillion by 2030.

This joint report was released by Google, business consultancy group Bain & Company and Temasek Holdings, which handles Singapore’s state investing. It describes the massive growth of the internet market of the region, saying that internet users have increased by 60 million during the pandemic. Users now total around 440 million. The report credits this growth to the region’s young population, growing middle class, urbanisation and prolific smartphone usage.

An estimated timeline of the growth has the Southeast Asian gross…