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Business trends

ASEAN's digital economy projected to hit $1tn by 2030

Google-led report says retail and finance to fuel growth as internet use surges

The coronavirus pandemic has added further fuel to Southeast Asia's rapidly growing digital economy. (Source photo by AP)

SINGAPORE -- The digital economy in the Association of Southeast Asian Nations is on track to grow to $1 trillion by 2030, as millions of new internet users fuel online businesses in fields including e-commerce and virtual finance, says a new Google-led report. 

Released on Wednesday, the annual report on digital trends in the 10-country bloc published by the U.S. technology giant, Singapore state investor Temasek and consultancy Bain & Co., said 40 million new internet users came online this year within the region.

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