Thailand’s internet economy worth $35 billion in 2022

Riding a big wave of e-commerce, Thailand’s internet economy is surging by 17 percent and is expected to achieve a total value of $35 billion in 2022, propelling the Kingdom towards its goal of transitioning to a digital economy.

That was the conclusion of a report by Google, Temasek and Bain & Company entitled “e-Conomy SEA 2022,” which examined the digital landscape in Southeast Asia. The report also forecast that Thailand’s internet economy would be worth $53 billion in 2025. The figures reflect Gross Merchandise Value (GMV).

More broadly, the report contends that Southeast Asia’s digital economy will reach $200 billion in GMV in 2022, three years earlier than projected, with a year-on-year increase of 20 percent. By 2025, the region’s GMV should hit $330 billion with a compound annual growth rate of 20 percent.

“Marketplaces are shifting priorities from new customer acquisition to deeper engagement with existing customers to boost frequency, value and loyalty,” the report said.

By Google’s definition, the internet economy consists of e-commerce, transport and food, online travel, and online media. In the Kingdom’s transport and food sector, the report forecast growth of 12 percent year-on-year to $3 billion in 2022, while online media spending is forecast to rise 10 percent to $5.1 billion.

Online travel should soar by 139 percent to $5 billion in 2022 driven by Thailand’s reopening to tourists with pandemic restrictions having been lifted. The country’s tourism industry is steadily regaining strength, and the number of visitors has been rising every month since the reopening.

Photo courtesy of https://economysea.withgoogle.com/report/