Sri Mulyani Reveals E-Commerce Will Be The Largest Digital Economy Contributor In Indonesia In 2023

Minister of Finance Sri Mulyani (photo: dock. intermediate)

Sri Mulyani Reveals E-Commerce Will Be Indonesia's Largest Digital Economy Contributor In 2023

JAKARTA - Finance Minister Sri Mulyani said, in this era of digitalization, shopping online or shopping through E-commerce is getting higher in society and even E-commerce will become the largest sector contributing to the digital economy in Indonesia in 2023.

It is recorded that the value of Indonesia's digital economy is estimated at 82 billion US dollars or around Rp. 1,262.8 trillion in (exchange rate of Rp. 15,400 per US dollar) in 2023.

"The digital economy has been conveyed by Mr. Budi Arie, it will indeed be exponential in terms of the value to be formed and the opportunity. We see that the increase will be very sharp," said Sri Mulyani at the Indonesia Digital Summit 2023, Tuesday, November 28.

In addition, Indonesia will still dominate the digital economy in Southeast Asia in 2023. Under Indonesia, there are Thailand and Vietnam with a digital economy of 36 billion US dollars and 30 billion US dollars, respectively.

Meanwhile, since 2021 Indonesia's digital economy has continued to grow quite significantly. Where in 2022, it will reach 76 billion US dollars, up 20 percent from 2021 with a value of 63 billion US dollars.

Then with the projected digital economy Indonesia will become 82 billion US dollars in 2023 or grow 8 percent from 2022. Furthermore, in 2025 it is predicted to increase to 109 billion US dollars, and by 2030 it will reach 360 billion US dollars.

Meanwhile, if viewed from the e-commerce sector, it is estimated that it will reach 62 billion US dollars by 2023. This achievement contributes 75.6 percent to Indonesia's digital economy, which amounted to 82 billion US dollars this year, an increase of 7 percent compared to 2022 worth 58 billion US dollars. And it is projected that by 2025 it will reach 82 billion US dollars.

In addition to e-commerce, other sectors that contribute to Indonesia's digital economy are online food transportation / delivery. The online taxi and motorcycle taxi sector, aka ojol, is projected to have a value of 7 billion US dollars in 2023.

On the other hand, the projected value of the digital economy for online travel will reach US$6 billion, up double from the previous year. Meanwhile, online media is expected to grow to US$7 billion, an increase of US$1 billion from the previous year.

However, Sri Mulyani sees that there are several challenges regarding the right policies and regulations for the digital economy. For this reason, the Ministry of Finance together with the Financial System Stabilization Committee (KSSK) team will continue to formulate the right policies related to digital.

To actualize potentials that are considered very high. Whether in terms of digital payment from financial, lending, insurance, wealth management. KSSK will continue to try to formulate the right policy," he explained.