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Middle East’s digital economy to hit $780bn by 2030 and outpace global growth

The Middle East’s digital economy is projected to grow more than four fold to about $780 billion by 2030, which would significantly outpace the global average through the end of the decade, a new study has shown.

The spike from an estimated $180 billion in 2022 means the digital economy would grow at a compound annual growth rate of more than 20 per cent through the decade, Swiss bank UBS said in a new report.

That positions the Middle East to outperform the global average: the worldwide digital economy posted revenue of about $10.5 trillion in 2022 and it is projected to grow to about $23.2 trillion by 2030, which is a CAGR of 10.4 per cent – about half of the region’s forecasted growth rate, the Zurich-based lender said.

Link: https://www.thenationalnews.com/business/technology/2023/08/30/middle-easts-digital-economy-to-hit-780bn-by-2030-and-outpace-global-growth/

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