Despite taking a serious hit from COVID-19 lockdowns, China’s economy has proved resilient. It has not, however, fully bounced back: some activities, especially in the service sector, simply cannot be revived. Yet, unlike most of the world, China seems unlikely to become mired in a long recession, not least because of its rapid digital transformation.
One of the biggest beneficiaries of the growing digital economy in Southeast Asia is the gaming industry. Sea – formerly Garena – became the first Southeast Asian tech company to be listed on the New York Stock Exchange in 2017. Sea is a gaming company but has also ventured into e-commerce and e-payments recently.A trend that has also been fuelling the games market in the region is the rise of eSports. eSports is essentially a competition using video games.
The COVID-19 pandemic has caused nations across the world to be under lockdown over virus fears. Governments have implemented drastic measures to contain the coronavirus from spreading further. It was reported that over four billion people are currently under lockdown across the globe.
Southeast Asia is proving to be one of the most successful and fastest growing digital markets in the world. While the likes of Grab and Lazada have established themselves in the region, many other start-ups are fast-developing unique and innovative forms of services to tap into the lucrative digital economy. Singapore is currently home to some of the most heavily funded start-ups in the region, including Grab and Sea.
Indonesia is one of the region’s best success stories. Despite having faced economic turmoil in the 1997 Asian Financial Crisis under the authoritarian Suharto regime, Indonesia is today one of the fastest growing economies in the world.
In the 21st century, data is a perennial need for the sustenance of our digital industries. The internet would not have become what it is today if not for data. Hence, for our continued development in the field of technology, the need for data will never diminish.
The ASEAN Secretariat held its 3rd ASEAN Media Forum in Bangkok, Thailand, and brought together about 30 media leaders and prominent bloggers from the 10 ASEAN member countries to dialogue with the region’s thought leaders on vital economic issues affecting the Association.
ASEAN is set to become the world’s fourth largest economy by 2030, and it is a transition that will be championed by an increasingly tech-savvy younger population which is rapidly rising up the socio-economic ladder.
Risks from the United States (US)-China trade war and an expected turn in global monetary policy will feature high on the agenda as finance and central banking chiefs from the Group of 20 (G-20) gather this weekend in Fukuoka, Japan.The meeting takes place as the world’s two biggest economies ramp up tariffs against each other, hurting the global economy and leaving policy makers struggling to shore up growth.
The Fourth Industrial Revolution is a train that you either get on or you’ll find yourself being left far, far behind. ASEAN is aware of this. We’ve seen countries like Indonesia and Thailand take lessons from Germany’s model of a 4.0 economy. We’ve also seen countries like Malaysia invest large sums of money on the expansion of information technology (IT) infrastructure to provide an enabling environment for the growth of the digital economy.
Indonesia is one of the region’s best success stories. Despite having faced economic turmoil during the Asian Financial Crisis of 1997 under the authoritarian Suharto regime, Indonesia is today one of the fastest growing economies in the world.