Region faces slowest Internet growth since 2017

Firms such as Grab are competing in South-East Asia for a slice of markets from online retailing to food delivery and ride hailing. — Bloomberg

SINGAPORE: South-East Asia’s Internet economy will log its slowest growth on record this year, a group of researchers say, as they slashed near-term eCommerce spending estimates for the region by 13%.

Total online spending will rise about 11% this year to US$218bil in the region, research from Google, Temasek Holdings Pte and Bain and Co showed, slowing from 20% a year earlier and reaching its lowest rate since at least 2017.