Singapore's internet economy shrinks 24 per cent on online travel hit despite e-commerce boom

SINGAPORE (The Straits Times/ANN): Singapore's internet economy was hurt by the Covid-19 pandemic this year, even as the crisis accelerated all things digital and fuelled an e-commerce boom.

The nation's internet economy - which refers to business conducted online - shrank by 24 per cent to US$9 billion (S$12.1 billion) in gross merchandise value (GMV) this year, as the online travel sector was affected by lockdowns and travel restrictions, according to a report by Google, Temasek and consulting firm Bain & Company.