The digital economy has become one of the fundamental pillars of qualitative economic development, highlighted QMMM Holdings Limited.

With the rapid innovation and application of digital technologies such as cloud computing, mobile internet, big data and artificial intelligence, the digital economy is becoming an important engine for global economic and social development.

Statistics from the United Nations Conference on Trade and Development (UNCTAD) show that global exports of these services grew from around $3.3 trillion in 2019 to $3.82 trillion in 2022. 

This growth helped offset sharp declines in exports of other services during this period. 

Digitally deliverable services accounted for, respectively, 79% and 64% of total services exports in North America and Europe in 2021. 

Asia, Latin America and the Caribbean also increased their share of total services exports by 10% in 2022. In Oceania, the share increased from 24% in 2019 to 39% in 2022. 

According to QMMM, the scale of the global digital economy is expected to continue to increase, benefiting from the development of next-generation information technologies, such as the internet, big data, cloud computing and the digital transformation of traditional industries. 

The digital economies of China, Japan and South Korea in 2022 reached $7.52 trillion, while the digital economy of Southeast Asia (Indonesia, Malaysia, Philippines, Thailand, Vietnam and Singapore) reached $0.06 trillion.

Digital economy

Looking ahead, the Digital Cooperation Organization announced its 2030 roadmap under its Ministerial Declaration, calling for open global cooperation to bridge the digital divide at its second annual General Assembly in Riyadh on January 5, 2023. 

Deemah Al Yahya, secretary general of the Digital Cooperation Organization, expects the digital economy to contribute 30% of global GDP and create 30 million jobs by 2030.

According to the e-Conomy SEA 2022 Report, Southeast Asia’s digital economy is expected to reach approximately $330 billion in gross merchandise value by 2025 and between $600 billion and $1.0 trillion in gross merchandise value by 2030.