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.