The Philippines and India will lead the world in retail ecommerce sales growth this year, with respective increases of 25.9% and 25.5%. Countries in Latin America and Southeast Asia will make up most of the top 10 list, while the last spot will go to the US, the only advanced economy to slide into the rankings, with 15.9% growth.

Only four countries in the world will produce faster growth rates than Southeast Asia’s combined figure, and two of them—the Philippines and Indonesia—are in the region. Five countries within the region—the Philippines, Indonesia, Vietnam, Malaysia, and Thailand—will rank among the top 10 markets measured by retail ecommerce sales growth.

Our digital user estimates for Southeast Asia, which we currently define as Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, are updated on an annual basis to continually incorporate the latest changes and developments in consumers’ technology adoption.

Philippines. Ad spending in the Philippines will reach a new high in 2022, after returning to its pre-pandemic level last year. Mobile will claim 63.1% of digital ad spending here, the smallest share across the six Southeast Asian countries, reflecting the low adoption rate of smartphones in the Philippines. Singapore.

The Philippines will be the only other country in the region where Snap will grow by double digits (11.8%). Snap’s penetration among internet users in India will be 16.0% in 2022.

In late 2021, Southeast Asian nations connected domestic payment networks: Singapore, for example, built out interoperability with the Philippines’ central bank, India’s Unified Payments Interface, and Malaysia’s DuitNow to simplify cross-border transactions between app users in each country.