Southeast Asia’s digital economy slows as consumers cut spending

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The story "Southeast Asia’s digital economy slows as consumers cut spending" was covered 2 weeks ago by Business Mirror, a news publisher based in Philippines.

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Southeast Asia’s digital economy slows as consumers cut spending - Business Mirror

Quick Summary:

Southeast Asia’s Internet economy will log its slowest growth on record this year, a group of researchers said, underscoring weakness in consumer demand and a push to show profits instead of revenue gains.

Consumers in the region of more than 650 million people are curbing spending to cope with elevated inflation and interest rates.

Global giants like Amazon.com Inc.and Alibaba Group Holding Ltd.as well as regional players Grab Holdings Ltd., Sea Ltd.and GoTo Group are vying for a bigger share of markets from online retailing to food delivery and ride hailing.