Malaysia's Internet GDP Larger Than U.S. or China

Mckinsey & Co and Google attempted to measure how The Internet matters to Malaysian Economy.

Collectively, they came out with a report which is made public. It is called 'Online and upcoming: The Internet's impact on aspiring countries'

For other similar reports.

It is learned that The Internet is estimated to have contributed 4.1% of Malaysia's Gross Domestic Product (GDP) in 2010 or US $ 9.75 billion of the 2010 GDP or 238 billion (World Bank estimate), thus placing Malaysia mong the highest of the 30 fast-growing countries that the report highlights as crucial to the Internet's future.

The report is derived based on two key indicators.

1.) iGDP - Using the expenditure method, the contribution of the Internet is measure d as the proportion of GDP that can be attributed to the Internet in private consumption, public expenditure, private expenditure and trade. Thie measure is ICT-related, as it aggregates the expenditure on all goods and services that are related to the Internet, including devices, access, the consumption of hardware, and online consumption.

2.) eCP - The e-commerce platform demonstrates e-commerce enablements by scoring a country's online payment enablement, parcel delivery systems and Internet readiness.

Therefore, for Malaysia itself, 4.1% constitutes of
  • 39% - Private consumption
  • 7% - private investment
  • 8% - public expenditure
  • 46% - trade balance

This means that the bulk of the Internet economy is due to trading that is not directly related to private and public. It is a result of using the Internet to make business deals and etc. The report found that SMEs benefited mostly from the dominance of The Internet. To give you a highlight:
  • Revenue gains - 6.1%
  • Costs of goods sold savings - 3.8%
  • Overhead cost reduction - 5.3%
  • Productivity gains - 10.7%

On going forward, Google advices to improve the ecosystem. Such can be achieved in three ways.
  1. Bring more companies to The Internet.
  2. More Malaysian content
  3. Boosting domestic consumption.

It is reported that GMBO (Get Malaysian Business Online) initiative which was launched in Nov 2011 has attracted 10,000 sign-ups so far. And with 600,000 registered SMEs in Malaysia, the Internet economy is expected to grow tremendously.

McKinsey & Co presses Malaysian netpreneurs to contribute the Internet economy as well, because there are too much room to grow.

The percentage of Internet's contribution to GDP growth is merely 2%. Sweden has the highest percentage of 33%, UK 23% , Taiwan 13% and south Korea 16%.

What this means is that there is very low number of Internet entrepreneur that are successful as compared to the size of the Internet economy. This is a good thing.


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