MALAYSIA’S digital economy is projected to grow 16% to US$31 billion (approximately RM138.43 billion) in GMV by 2024, according to the e-Conomy SEA 2024 report by Google, Temasek, and Bain & Company.
Google Malaysia Country Director, Farhan Qureshi, said the country’s digital economy is advancing towards profitability, with e-commerce remaining its largest contributor.
“The sector has grown by 17% to US$16 billion (approximately RM71.44 billion) GMV in 2024, driven by reinvestments from major e-commerce platforms in GMV growth and an increase in video commerce,” he said at a media briefing on Nov 26.
Farhan further highlighted Malaysia’s strong position in the region, particularly in artificial intelligence (AI), where it ranks among the top 10 globally in adoption.
“Malaysia now leads AI investment in Southeast Asia, with 50% of regional investments concentrated here. The travel sector has also recorded remarkable growth, at 90% annually,” he added.
He credited government collaboration, including support from the Ministry of Digital, for driving growth in AI and other sectors. The travel sector also showed significant annual growth of 90%.
Farhan added that Google is committed to supporting Malaysia’s digital economy by providing AI-based tools and training, including Google Career Certificate scholarships and implementing Google Workspace for civil servants. – TMR
Source: themalaysianreserve.com
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