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ASEAN has recorded an average annual economic growth rate of over 5% for the past 10 years.
By _Na Seung-gwon, Senior Researcher, Global Strategy Team, Korea Institute for International Economic Policy

While the global economy is entering a low-growth phase of 2-3%, ASEAN has recorded an average annual economic growth rate of over 5% for the past 10 years. As the region is attracting the world’s attention as an emerging market, its online platform sector is showing a particularly rapid growth, thanks to the expansion of ASEAN countries’internet and mobile infrastructure and the high proportion of young people active in online activities. According to the “e-Conomy SEA 2021,”report by Google, Temasek, and Bain & Company the internet economies of the six major Southeast Asian countries have grown from $99billion in 2019 to $174 billion in 2021 at a compound annual growth rate (CAGR) of 33%. They are expected to maintain a growth rate of 20% until 2025. Indonesia is the largest market in the ASEAN region, accounting for 40% of the total market size of the six countries. The size of the Indonesian internet market is $70 billion as of 2021, and the CAGR for the past two years has reached 32.3%. As of 2021, Thailand is ranked second at $30 billion in market size, but that of Viet Nam is expected to expand rapidly from $21 billion in 2021 to $57 billion in 2025, which would see the country emerge as the second biggest market after Indonesia.

The contents of all articles may differ from the editorial direction of the ASEAN Culture House Monthly.