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ASEAN digital economy reaches 194 billion USD in 2022

The ASEAN digital economy market reached 194 billion USD in 2022 and Indonesia contributed up to 40%, said Rizal Edwin, expert staff for Digital Transformation, Creativity, and Human Resources at the Coordinating Ministry for Economic Affairs of Indonesia.
ASEAN digital economy reaches 194 billion USD in 2022 ảnh 1Illustrative photo (Photo: baodautu.vn)

Jakarta (VNA)– The ASEAN digital economy market reached 194 billion USD in 2022 and Indonesia contributed up to 40%,said Rizal Edwin, expert staff for DigitalTransformation, Creativity, and Human Resources at the Coordinating Ministry for Economic Affairs of Indonesia.

Accordingto Edwin, with a population of 679 million people, accounting for 8% of the total world population, ASEAN has a large andpromising market potential for the business world, including retail.

The development of information andcommunication technology has also facilitated consumer access to products andservices and created new business opportunities. Thepresence of e-commerce, as well as online trading platforms, has changed theface of ASEAN retail.

He said that increase in internet penetration and smartphone use hascaused e-commerce to develop very rapidly and create new opportunities forentrepreneurs and business people in this region.

On the other hand, the stable growth of ASEANcountries has also influenced the retail sector’s development.

The economic growth of some ASEAN countries isabove the world's average growth of 3.1%. Malaysia,Vietnam, the Philippines, Cambodia, Singapore, and Indonesia recorded growth inthe range of 3.8 to 8.7%.

Indonesia is also considered to have played a role in formulating internationaltrade cooperation which brings great benefits to partners.

A numberof agreements, such as the ASEAN Free Trade Area, as well as the ComprehensiveEconomic Partnership Agreements (CEPA) with trading partner countries, havefacilitated trade between countries.

Indonesia's digital economy is projected toreach 150 billion USD in 2025, so it has the potential to become an instrumentcapable of recovering its economy./.

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