Digital consumption to propel Southeast Asia’s growth: consulting firm
YCP Solidiance, an Asia-focused management consulting firm, has projected that a rapid increase in digital consumers will be a major driver for the economic growth of Southeast Asia.
Southeast Asia's economy is projected to grow by 4.7% this year.(Photo: AFP)
Bangkok (VNA) – YCP Solidiance, an Asia-focused management consulting firm, hasprojected that a rapid increase in digital consumers will be a major driver forthe economic growth of Southeast Asia.
The firm’s reportindicated that Southeast Asia is on course to become the world'slargest market by 2030, with an influx of investment and business set tobenefit several industries, including the digital economy.
According to the"Investing in Asean 2023" report published by the economic bloc inpartnership with Allurentis, the region's digital economy is expected to exceed 300 billion USD by 2025 and 1 trillion USD by 2030.
Meanwhile, theAsian Development Bank and the International Monetary Fund said the regionaleconomy are projected to outpace the 2.7% growth of the global economy in 2023.Last year, the digital economy accounted for 7% of Southeast Asian GDP.
The YCPSolidiance report explained formal institutions that support the region'sdigital development contribute to economic growth. Those organisations'significance involves creating centralised frameworks and initiatives thatpromote the internet economy.
Millennials andGeneration Z that account for 75% of consumers in the region will be the drivingforce for digital consumption.
Through digitaltechnologies and the internet, the digital economy has given business ownersand independent players new ways to connect with clients, broaden theirmarkets, as well as boost their earnings, according to YCP Solidiance./.
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Southeast Asia's economy is projected to grow by 4.7% this year.(Photo: AFP)
