The digital economy of the Middle East, North Africa, and Pakistan (Menap) is expected to reach $100 billion this year and $700 billion by 2030, according to a RedSeer analysis. The digital economy grew strongly in 2021 and could grow by 42% this year to $104 billion.
Digital economy of Mena region and Pakistan could hit $700bn by 2030
Red Seer says the digital economy needs to raise $20 billion in the next two to three years to sustain growth. The Menap region’s digital economy can help fuel economic and social growth as more people utilise smartphones and digital services for transactions and activities.
According to Statista, the number of mobile internet users will rise from 264 million in 2019 to 357 million in 2025, with a 53% population penetration rate.
According to Global Media Insight, the UAE has 9.9 million active internet users, or 98% of its population. According to DataReportal, Pakistan had 82.9 million internet users in January, up 36% over previous year, and a 36.5% internet penetration rate.
Despite great internet adoption and spending power, RedSeer says the Menap region falls behind sections of Southeast Asia and India in terms of digital economy maturity and investment.
The latest study confirms RedSeer’s July projection, although for the Mena region only. A $100 billion digital economy was predicted by 2023. Region of Menap: Gulf Cooperation Council (GCC), Lebanese Jordanians, Iraqis,
e-commerce, FoodTech, mobility, online travel, education, health, and FinTech are examples of high-growth industries in the digital economy.
