Singapore’s Internet economy drops 24% in 2020; Vietnam, Indonesia see double-digit growth (The Business Times)
Digital economies in Vietnam and Indonesia managed double-digit growth despite headwinds from the Covid-19 pandemic, although Singapore's fell 24 per cent to US$9 billion.
According to the 2020 South-east Asia e-Conomy report by Google, Temasek and Bain & Co, Vietnam's Internet economy grew 16 per cent to reach US$14 billion in gross merchandise value (GMV), while Indonesia's grew 11 per cent to reach US$44 billion.
However, Singapore's Internet economy fell about 24 per cent to US$9 billion, from US$12 billion in 2019. This comes on the back of a 70 per cent drop in the city-state's online travel vertical from a year before, which accounted for almost half of its GMV.
Other sectors in Singapore's Internet economy (excluding travel) grew about 20 per cent on average from last year, mostly driven by an 87 per cent spike from businesses in the e-commerce industry.
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