한국국제교류재단

COVER STORY

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.

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