Thailand’s internet economy is expected to be worth 30 billion USD in 2021, up 51 percent year-on-year, buoyed by a surge in e-commerce, according to the latest e-Conomy SEA 2021 report, which is an annual study jointly commissioned by Google, Bain & Company and Temasek.
Thailand’s internet economy is expected to be worth 30 billion USD in 2021, up 51 percent year-on-year, buoyed by a surge in e-commerce, according to the latest e-Conomy SEA 2021 report, which is an annual study jointly commissioned by Google, Bain & Company and Temasek.
The study forecasts Thailand’s internet economy will hit 57 billion USD in gross merchandise value by 2025 with a compound annual growth rate of 17 percent between 2021 and 2025.
The report last year forecast the country’s internet economy would reach only 53 billion USD by 2025.
The biggest contributor to the country’s internet economy in 2021 has been e-commerce with 21 billion USD, followed by online media at 4.5 billion USD, online travel at 2.8 billion USD and transport and food at 2 billion USD.
According to the report, there were 9 million new digital consumers in Thailand from the start of the pandemic in 2020 up to the first half of this year. Some 67 percent of them live in non-metro areas.
Consumption penetration is the second highest in the region, with 90 percent of internet users consuming digital services, it said.
In terms of investment in Thailand over the first half of 2021, 59 deals were reached worth a total of 200 million USD, versus 45 deals worth 199 million USD in the same period last year.
Despite market uncertainty, global capital continues to pour into the country given its strong growth fundamentals.
Investment appetite remains strong in digital services that surged as a result of COVID-19, including e-commerce, fintech, healthtech and edtech, the report affirmed.
