A woman uses her phone on an observation deck as the skyline, shrouded by haze, is seen in Singapore September 13, 2019. PHOTO: REUTERS
Southeast Asia’s internet economy is forecast to reach $300 billion by 2025 as millions of people in the region take up online shopping and embrace ride-share food delivery, an industry report said on Thursday.
To hit that target, the online industry is expected to grow by 200% over the next five years from an estimated $100 billion this year, according to the report by Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company.
Rescue services soon an app away
The annual report lifted its 2025 outlook from $240 billion previously after a tripling in growth in the past four years alone as young internet users turn to their phones to do everything from banking and playing games to purchasing plane tickets.
“This pace of growth has exceeded all expectations,” the 64-page report said. “Internet access is now affordable for large segments of the population and consumer trust in digital services has improved significantly.”
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