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Southeast Asia internet economy to hit $1 trln by 2030, report says

Mount Equity Group Tokyo, Japan > News > Markets > Southeast Asia internet economy to hit $1 trln by 2030, report says

Traffic moves on a road past advertisements of Indian online marketplace Amazon, in Mumbai, India, October 15, 2015. REUTERS/Shailesh Andrade

SINGAPORE, Nov 10 (Reuters) – Southeast Asia’s internet economy is forecast to reach $1 trillion by 2030, as tens of millions more people take up online shopping and embrace food delivery, an industry report said on Thursday.

The report, by Alphabet’s (GOOGL.O) Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company, said the region had added 60 million new internet users since the start of the coronavirus pandemic, taking the total to 440 million.

The region of 11 countries is one of the world’s fastest growing internet markets, due to a young population, rapid smartphone usage and urbanisation, and a burgeoning middle class.

The online industry for Southeast Asia is expected to grow from an estimated $174 billion in gross merchandise volume (GMV) by…

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