Southeast Asia’s internet economy will hit $105 billion this year amid increased e-commerce activity due to the coronavirus pandemic, according to a report published on Tuesday. Despite a global economic slowdown, the gross merchandise value of the region’s internet economy has remained steady at an estimated $100 billion in 2020 and is expected to exceed $300 billion by 2025, according to the e-Conomy SEA 2020 report by Google, Singapore state investor Temasek Holdings, and business consultants Bain & Company. The report covers the largest economies in the Southeast Asia region - Indonesia, Malaysia, Vietnam, Singapore and the Philippines. It said e-commerce usage surged 63% this year to reach $62 billion, while travel businesses suffered significant challenges and contracted 58% to $14 billion. Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

Source: The Express Tribune November 10, 2020 18:56 UTC