- Digitalization across Association of Southeast Asian Nations’ (ASEAN) member states serves its younger demographic and comprises an economy worth $1 trillion by 2030.
- While policies can help digital transformation thrive, socio-economic differences across the region, as well as development and regulatory regimes, pose challenges.
- The ASEAN Digital Economy Framework Agreement offers a blueprint for achieving harmonization among nations at different stages of digital integration.
Engendering greater trust among ASEAN member states in its policy tools and vision is paramount to its progress and aspiration of developing a community of opportunities for all. One such huge opportunity is its digital economy, estimated to grow from approximately $300 billion to almost $1 trillion by 2030.
ASEAN is one of the world’s fastest-growing regions, with average real gross domestic product growth forecast to reach 4.6% in 2023 and 4.8% in 2024. By 2030, it is expected to be the fourth-largest economy in the world. This dynamism is driven by a population of 700 million, composed of young, educated, increasingly online individuals and a growing middle class.