Southeast Asia’s Internet economy will log its slowest growth on record this year, a group of researchers said, underscoring weakness in consumer demand and a push to show profits instead of revenue gains.
Online spending will rise about 15 percent this year to $263 billion in the region, research from Google, Temasek Holdings Pte and Bain & Co. showed, slowing from 17 percent a year earlier and reaching its lowest rate since at least 2017. The local digital economy is also set to record its lowest level of private funding this year, the report showed.
Meanwhile, competition is intensifying. Global giants like Amazon.com Inc. and Alibaba Group Holding Ltd. as well as regional players Grab Holdings Ltd., Sea Ltd. and GoTo Group are vying for a bigger share of markets from online retailing to food delivery and ride hailing. “Robust macroeconomic conditions in SEA continue to underpin the digital economy,” the researchers wrote in the annual collaborative report. “SEA’s digital economy will be shaped by increasing user sophistication, the growing importance of digital safety and security, and the need to unlock greater business value from AI.”
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