•The rising digital economy played a key role in the pandemic recovery in South and Southeast Asia.
• High smartphone penetration in these regions is aiding digitalization in these regions. A greater level of government support is required to move the digitization process forward.
Globally, digital transformation was already having a significant impact on how businesses create and deliver their offerings, as well as how they connect with their customers. Although this has been exacerbated by the COVID-19 epidemic, technological advancements have emerged as a crucial means of addressing public health concerns and continuing to accommodate the new online consumer landscape. In addition to destabilizing the global economy, this increased digitalization has emerged as one of the most significant economic engines for many developing countries.
We are already seeing the effects of digitization on Asia’s economy. South and Southeast Asia’s digital transformation is creating a slew of new opportunities for its population, particularly for the younger generations, as a result of globalization. Many Asian countries are even ahead of the curve in terms of digitalization in key areas, according to the World Economic Forum. Examples include the Philippines and Malaysia, both of which have had significant growth in e-commerce retail, with annual increases of 25 percent and 23 percent, respectively, in both nations.
Asia-Pacific countries are outperforming the rest of the world in terms of e-commerce growth.
Image courtesy of eMarketer
Furthermore, as a result of the rapid digitalization that has occurred, Asian countries such as India, Bangladesh, Pakistan, and the Philippines are seizing new opportunities by exporting online labor to the United States and other Western countries. The digital economy, for example, is bringing work to formerly unemployed portions of the population in countries such as Bangladesh.