Reported 21 days ago
Southeast Asia's digital economy is facing its slowest growth on record this year, with online spending projected to rise by only 15% to $263 billion, marking a decline from 17% the previous year. This slowdown is attributed to reduced consumer spending due to high inflation and interest rates, leading to decreased private funding for tech companies. Major players in the region are under pressure to demonstrate profitability, resulting in cost cuts and reduced investments in various sectors, while interest remains strong for data center expansions.
Source: YAHOO