Southeast Asia internet economy to grow 11 percent in 2023

Southeast Asia's internet economy is expected to grow 11 percent year-on-year in 2023, slowing from last year's 20 percent growth, an industry report showed on Wednesday.

The annual report published jointly by Alphabet's Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company, also said the region's internet economy is seen worth US$295 billion (S$404 billion) by 2025, down from a previous estimate of $330 billion.

"Digital economy sectors are showing positive growth trajectories, with travel and transport on track to exceed pre-pandemic levels by 2024," the companies said in a joint statement.

The region of 11 countries and more than half a billion people has a young population, widespread smartphone usage, and a growing middle class, making it one of the world's fastest-growing internet markets.