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1、THE ECONOMIC IMPACT OF THE ON-DEMAND SERVICE INDUSTRY IN INDONESIAJANUARY 20251The Economic Impact of theOn-Demand Service Industry in IndonesiaTABLE OFCONTENTSExecutive summary1.On-demand services in Indonesia2.The economic impact of the on-demand service industry in Indonesia2.1 Total economic imp

2、act of the on-demand service industry2.2 Pillar 1:On-demand service platform operators2.3 Pillar 2:Merchant-partners2.4 Pillar 3:Driver-partners3.Wider impacts of on-demand services in Indonesia4.Conclusion5.Technical appendix2610111315172024263The Economic Impact of theOn-Demand Service Industry in

3、 Indonesia2The Economic Impact of theOn-Demand Service Industry in IndonesiaThe on-demand service industry in Indonesia has become a vital component of the countrys digital economy,improving the everyday lives of millions of Indonesians through its multi-service platforms.Today,Grab and Gojek are th

4、e two most prominent platform operators in this market.By leveraging advanced technology,these platforms offer a range of services,including mobility,food and grocery delivery,parcel services,and financial solutions.This extensive service portfolio offered by the industry has redefined convenience f

5、or users across the nation,while promoting financial and digital inclusion for its driver-partners and merchant-partners.The on-demand industry not only improves access to essential services for consumers,but also enhances operational efficiency for businesses and provides new earning opportunities

6、for gig workers and small enterprises.It serves as a powerful economic enabler by equipping individuals and micro-businesses with digital tools that increase their competitiveness.Ultimately,the industry supports broader economic growth and digitalisation in Indonesia.This report explores the econom

7、ic contribution of the on-demand service industry to the Indonesian economy,focusing on its impact on gross domestic product(GDP)and the jobs it supports.Through an analysis of three key pillarsplatform operators,their merchant-partners,and their driver-partnerswe assess the full scope of this indus

8、trys influence on the Indonesian economy.CONTRIBUTING RP91.7 TRILLION TO INDONESIAS GDP,SUPPORTING 588,000 JOBSThe on-demand service industry,which covers ride-hailing and delivery services,supported a total economic contribution worth Rp91.7 trillion to the Indonesian economy in 2023,equivalent to

9、around 0.4%of Indonesias GDP.This economic activity supported an estimated 588,000 jobs throughout Indonesias economy.Every Rp100 of GDP generated by purchases made through on-demand service platforms leads to further economic activity worth Rp110 across the rest of the Indonesian economy(i.e.,multi

10、plier effect of 1.1).For every employee hired by platform operators,an additional 112 workers are supported in other parts of the Indonesian economy.Further,we estimate that earning opportunities supported by the on-demand service industry contributed Rp33.2 trillion in household income in 2023.This

11、 total economic impact includes:On-demand service platform operators in Indonesia,which supported an economic contribution of Rp15.5 trillion to Indonesias GDP in 2023,and nearly 70,000 jobs.Merchant-partners,which contributed an estimated Rp31.9 trillion to Indonesias GDP in 2023,as well as 387,000

12、 jobs.Driver-partners,who contributed approximately Rp44.4 trillion to Indonesias GDP in 2023,and account for almost half of the industrys total economic contribution.These three pillars supported economic activity and employment across Indonesias supply chains.The sectors in the wider economy which

13、 benefitted most from these on-demand services were the professional services,wholesale and retail,agriculture,and the finance and insurance sectors.1 This refers to the full-time equivalent jobs supported by platform operators and merchant-partners,excluding driver-partners.It also accounts for the

14、 full-time equivalent jobs supported in the combined supply chains of platform operators,merchant-partners,and driver-partners.2 This multiplier is derived by taking the sum of the indirect and induced GDP impacts across the supply chains of the platform operators,the merchant-partners,and the drive

15、r-partners,as a ratio of the sum of their direct GDP impact.3 This multiplier is derived by taking the sum of the indirect and induced full-time equivalent employment across the supply chains of the platform operators,merchant-partners,and driver-partners,as a ratio of the estimated number of employ

16、ees directly employed by platform operators.EXECUTIVESUMMARYRp33.2tnTotal contribution tohousehold incomein Indonesia in 2023.Rp91.7tnTotal contribution toIndonesias GDPin 2023.588,000Total jobs supportedin Indonesia in 2023.4The Economic Impact of theOn-Demand Service Industry in IndonesiaDRIVING S

17、OCIO-ECONOMIC IMPACT THROUGH ON-DEMAND SERVICESThe on-demand service industry in Indonesia has also created socio-economic value for its driver-partners and merchant-partners.Beyond the measurable economic gains described above,these platforms enhance financial inclusion by providing unbanked indivi

18、duals with access to digital payment solutions and financial services.On-demand platforms also promote digitalisation by exposing Indonesians from diverse demographics to mobile apps and online payments,thereby promoting digital literacy.Initiatives focused on skills development further empower indi

19、viduals to navigate the digital economy,while small businesses benefit from integration into these platforms,helping them reach new customers.Through network effects,these platforms generate a positive feedback loop,increasing service value as more users engage with them.The interaction of this ecos

20、ystem of services amplifies their socio-economic benefits,driving further participation from consumers,drivers,and merchants across Indonesia.The on-demand service industry in Indonesia stands as a powerful catalyst for economic empowerment and inclusion,transforming the mobility,delivery,and financ

21、ial services landscape for millions of individuals and businesses.By bridging gaps in access to financial services,enhancing digital literacy,and creating earning opportunities,these platforms not only drive economic growth but also foster a more inclusive and resilient Indonesian economy.7The Econo

22、mic Impact of theOn-Demand Service Industry in IndonesiaThe Economic Impact of theOn-Demand Service Industry in IndonesiaThe on-demand services industry in Indonesia has transformed the landscape of the countrys economy and urban life.With platforms like Gojek and Grab at the forefront,this industry

23、 has contributed to the evolution of traditional sectors such as transport and logistics,offering users a seamless and convenient alternative to conventional services.Leveraging mobile technology,these platforms have elevated service standards,enabling more efficient and accessible solutions for eve

24、ryday needs.Gojek,founded in Indonesia,has expanded its operations across Southeast Asia,while Grab also serves millions of users in Indonesia and beyond.This shift has not only modernised urban mobility through innovative transport solutions but has also contributed to significant efficiency gains

25、within the broader Indonesian economy over the past decade.The on-demand services industry has become an integral part of daily life for millions of Indonesians,providing a wide array of services that include ride-hailing,food delivery,and digital payments.Serving consumers across the archipelago,th

26、ese platforms have created substantial economic opportunities for drivers and merchants,promoting financial inclusion and supporting entrepreneurship within the digital economy.As the industry continues to grow,it plays a pivotal role in shaping Indonesias socio-economic landscape,driving innovation

27、 and connectivity while empowering a diverse range of stakeholders throughout the country.In this report,we analyse the economic contribution of the on-demand service industry in Indonesia,which covers the ride-hailing and delivery services(for food,grocery,and parcels)across the country.Our economi

28、c impact analysis encompasses three key pillars:i)the operators of on-demand service platforms,ii)the merchant-partners that sell through those platforms,and iii)the network of driver-partners that these services rely on.For each of these aspects,we estimate the industrys economic contribution to GD

29、P as the sum of its direct,indirect,and induced impacts,as illustrated in Fig.1.In the subsequent chapter,we explore each of these aspects in further detail.1.ON-DEMAND SERVICESIN INDONESIA4 Platform activities in financial services and other service segments beyond on-demand services are not includ

30、ed in this study.Driver-partners in this study refer to the number of unique individuals who drove 2-wheelers or 4-wheelers and earned income on on-demand service platforms at least once a month in 2023.On-demand serviceplatform operatorsthroughout Indonesiaconstitute various businessentities,ofces,

31、and R&Dcentres,which contributeto national GDP andemploy staf locally.PLATFORMOPERATORSDriver-partners accesswork through the on-demandservice platforms,deliveringfood,groceries,and parcels,or providing mobilityservices to thecommunity.DRIVER-PARTNERSRestaurants,conveniencestores,and other retailout

32、lets sell their goods andservices via the on-demandservice platforms,reachingnew customers that theywould otherwise nothave ready access to.MERCHANT-PARTNERSWHEN CUSTOMERS MAKE TRANSACTIONS ON ON-DEMAND SERVICE APPS,THIS GENERATES ACTIVITY ACROSS THREE KEY PILLARS:Platform operators Merchant-partner

33、s on on-demand service platforms,and Driver-partners.Fig.1.Economic impact of theon-demand service industry 123ACTIVITIES IN EACH OF THESE THREE PILLARS GENERATE ECONOMIC IMPACTOperators earn a commission on ride-hailing and delivery orders facilitated through their platform,and pay wages to their e

34、mployees.Driver-partners earn income by fulfilling ride-hailing bookings and/or delivery orders generated through the platforms.PLATFORMOPERATORS DRIVER-PARTNERSMerchant-partners earn margins on the goods they sell through Grab,which helps support their employees.MERCHANT-PARTNERSProfits,wages,and t

35、axes generated via the three pillars of revenue represent the direct economic impact.Operators,merchant-partners,and driver-partners spend money on supplies and other services,which constitutes the indirect economic impact.This spending creates ripple efects throughout the domestic supply chain.e.g.

36、,Operators procure technology related to payment processing for their app.e.g.,Merchant-partners purchase food ingredients for cooking.e.g.,Driver-partners spend on fuel and repairs to ensure their vehicles run well.Taken together,these activities constitute the total economic contribution of the on

37、-demand service industry to Indonesia.Workers across the three pillars and their respective supply chains spend a portion of their earnings in the consumer economy,which stimulates further economic activity.This wage spending creates the induced economic impact.Spending byoperators employeesSpending

38、 by stafof merchant-partnersSpending bydriver-partnersSpending by other workers employed by businesses across their supply chains1abc23INDUCED ECONOMIC IMPACTDIRECT ECONOMIC IMPACTINDIRECT ECONOMIC IMPACTand othersThe Economic Impact of theOn-Demand Service Industry in IndonesiaThe Economic Impact o

39、f theOn-Demand Service Industry in Indonesia892.1 TOTAL ECONOMIC IMPACT OF THE ON-DEMAND SERVICE INDUSTRY11The Economic Impact of theOn-Demand Service Industry in IndonesiaWe estimate that the on-demand service industry supported an economic contribution worth Rp91.7 trillion to Indonesias gross dom

40、estic product(GDP)in 2023(Fig.2).This is equivalent to around 0.4%of Indonesias GDP in the same year.Every Rp100 of GDP generated by purchases made through on-demand service delivery platforms leads to further economic activity worth Rp110 across the rest of the Indonesian economy(i.e.,multiplier ef

41、fect of 1.1).The same activity supported 588,000 jobs across Indonesia in 2023(Fig.3).These jobs,expressed in“full-time equivalent”terms,are associated directly with platform operators and their merchant-partners,as well as the combined supply chains of platform operators,merchant-partners,and drive

42、r-partners.In the context of stubbornly high unemployment rates in Indonesias urban areas,this is a welcome source of employment.We estimate that the jobs supported by on-demand service delivery in Indonesia account for 0.9%of the total employment of five critical and closely related sectors:the inf

43、ormation and communications,food services,retail,transport,and business and professional services sectors.2.THE ECONOMIC IMPACT OF THE ON-DEMAND SERVICE INDUSTRY IN INDONESIASource:Oxford Economics,GrabTotal may not sum due to rounding.5 Estimates of Full-Time Equivalent employees convert full-time

44、and part-time workers into a standardised unit based on hours worked.This adjustment is described in the Technical Appendix.6 Statistics Indonesia,“February 2023:Unemployment rate was 5.45 percent and Average labour wage was 2.94 milion rupiahs per month”,2023.Fig.2.Contribution of on-demand service

45、s to gross value-added(GVA)in Indonesia,by the three key pillars,2023Platform operatorsMerchant-partnersDriver-partnersTotal15.531.944.491.70.010.020.030.040.050.060.070.080.090.0100.0Gross value-added,Rp trillions13The Economic Impact of theOn-Demand Service Industry in IndonesiaThe Economic Impact

46、 of theOn-Demand Service Industry in Indonesia122.2 PILLAR 1:ON-DEMAND SERVICE PLATFORM OPERATORSAt the core of the industrys economic footprint is the operation of on-demand service platforms.These platforms made a total economic contribution of Rp15.5 trillion to Indonesias GDP in 2023,and support

47、ed nearly 70,000 full-time equivalent jobs(Fig.4).Over a quarter of this GDP contribution(Rp4.4 trillion)was directly driven by the profits,wages,and taxes of on-demand service platforms in Indonesia(Fig.4).Our analysis reveals that over half of the platform operators total economic impact comes thr

48、ough their spending with local suppliers,and this has contributed Rp8.6 trillion to Indonesian GDP in 2023(Fig.4).In addition,there are 3.3 million registered driver-partners on Grab and 3.1 million registered driver-partners on Gojek,the two biggest players in Indonesias on-demand service industry.

49、Each platform operator supported earning opportunities for a network of drivers equivalent to around 1.5%of Indonesias working-age population.Collectively,the on-demand service industry supported a Rp33.2 trillion contribution to household incomes in Indonesia in 2023.For every employee hired by pla

50、tform operators in the industry,earning opportunities were created for an additional 112 workers in other parts of the Indonesian economy.Such spending includes procuring high-value professional services such as accounting services,digital advertising,market research,and app development services to

51、support the on-demand service business.These operations depend on a significant Indonesia-based supply chain,concentrated in the business and professional services sector and stretching across a diverse range of local suppliers,including in wholesale and retail,finance,insurance,and real estate(Fig.

52、5).This procurement spending generates profits for local businesses,who also procure goods and services from their own suppliers,thereby stimulating further rounds of economic activity.7 Based on Grabs proprietary data for 2023,Grab had a total of 3.3 million registered driver-partners.Meanwhile,bas

53、ed on GOTOs Annual Report,Gojek had 3.1 million registered driver-partners as of 2023.8 These impacts should not be construed as describing a contractual form of employment between on-demand service platform operators and their partners,nor does it imply that partners are considered employees of pla

54、tform operators under prevailing labour laws.9 Driver-partners are commonly registered to multiple on-demand service platforms.10 The household income contribution measures the wages that the on-demand service industry supports across all three pillars(operators,merchant-partners,and driver-partners

55、)and their associated supply chains.This is based on proprietary data provided by Grab of its own operations,revenues of merchants,and earnings of driver-partners in 2023 which are scaled up to the national level.As such,the driver-partners impact is not based on the number of registered driver-part

56、ners in Indonesia as of 2023,but on actual earnings in 2023.11 This multiplier is derived by taking the sum of the indirect and induced full-time equivalent employment across the supply chains of the platform operators,merchant-partners,and driver-partners,as a ratio of the estimated number of emplo

57、yees directly employed by platform operators.Source:Oxford Economics,Grab*Rounded to the nearest thousands.Total may not sum due to rounding.12 This represents the economic impact of platform operators from their on-demand service business,which covers only ride-hailing and deliveries.Other business

58、 segments such as financial services,enterprises and new initiatives were not factored in the analysis.13 This sector comprises companies that offer a variety of technical services such as legal advice,marketing,engineering,accounting services,as well as administrative and support services.Fig.4.Pla

59、tform operators contribution to GVA and jobs in Indonesia,by channels of impact,2023Source:Oxford Economics,Grab*Rounded to the nearest thousands.Total may not sum due to rounding.Fig.3.Contribution of on-demand services to jobs in Indonesia,by platform operators and merchant-partners,202370,000387,

60、000130,000588,000Platform operators Merchant-partners From supply chainsof driver-partnersTotal0100,000200,000300,000400,000500,000600,000Number of jobs*supported28%4%56%71%16%25%Rp15.5 trillion70,000 jobs*GVA contributionJobs contribution0%10%20%30%40%50%60%70%80%90%100%shareDirectIndirectInduced14

61、15The Economic Impact of theOn-Demand Service Industry in IndonesiaThe Economic Impact of theOn-Demand Service Industry in IndonesiaWe estimate that this indirect economic impact also supported over 49,000 jobs in the Indonesian economymore than 70%of the operators total employment footprint(Fig.4).

62、The impact on jobs was predominantly focused in the business and professional services sector,and the wholesale and retail trade sector.Jobs were also supported in the accommodation and food services sector,finance and insurance,motor vehicles,transport and storage,and others(Fig.5).The many workers

63、 who relied on the operations of on-demand service platforms for an income in 2023 also went on to create an induced impact on the wider economy worth Rp2.5 trillion,equivalent to 16%of its total economic impact.This induced impact also supported close to 18,000 jobs,accounting for 25%of the operato

64、rs employment footprint(Fig.4).Fig.5.Platform operators indirect impact on GVA and jobs in Indonesia,by sectors,2023Source:Oxford Economics,GrabTotal may not sum due to rounding.2.3 PILLAR 2:MERCHANT-PARTNERSMerchant-partners contributed an estimated Rp31.9 trillion to Indonesias GDP in 2023,flowing

65、 from the sales they made through on-demand service platforms.The activities of merchant-partners on the platforms also supported nearly 387,000 jobs in the Indonesian economy in 2023(Fig.6).More than 40%of the total economic impact of merchant-partners in Indonesia was derived from their direct con

66、tribution to GDP,totalling Rp13.1 trillion in 2023.Additionally,the direct employment footprint of merchant-partners supported nearly 257,000 jobs,accounting for around two-thirds of their total employment footprint(Fig.6).Merchant-partners also stimulated an indirect economic impact worth Rp14.5 tr

67、illion in 2023,nearly half of the impact of this pillar(Fig.6).These merchant-partners engage with a large and diverse Indonesia-based supply chain to meet demand for the goods and services they sell through on-demand service platforms.That impact extends predominantly into agriculture,food manufact

68、uring,and the wholesale and retail trade sectors.It also supports activity more diversely across finance and insurance,transportation and storage,and real estate sectors(Fig.7).Source:Oxford Economics,Grab*Rounded to the nearest thousands.Total may not sum due to rounding.Fig.6.Merchant-partners con

69、tribution to GVA and jobs in Indonesia,by channels of impact,202314 Workers employed by merchant-partners,in full-time equivalent terms,are not necessarily working exclusively to support the merchant-partners activities on on-demand service platforms.but rather they reflect the share of worker outpu

70、t driven through their sales on such platforms.61%8%7%5%3%2%2%2%11%64%13%2%1%3%2%0%6%9%Business and professional servicesWholesale and retail trade;repair of motor vehiclesFinancial and insurance activitiesReal estate activitiesMotor vehicles,trailers and semi-trailersTransportation and storageTelec

71、ommunicationsAccommodation and food servicesOthers0%10%20%30%40%50%60%70%Indirect impact of platform operators(%)in IndonesiaIndirect GVAIndirect jobs41%66%46%26%13%8%Rp31.9 trillion387,000 jobs*GVA contributionJobs contribution0%10%20%30%40%50%60%70%80%90%100%shareDirectIndirectInduced1617The Econo

72、mic Impact of theOn-Demand Service Industry in IndonesiaThe Economic Impact of theOn-Demand Service Industry in Indonesia32%20%17%4%4%3%3%3%3%11%40%14%25%1%3%0%2%0%8%6%Agriculture,forestry and fishingFood manufacturingWholesale and retail trade;repair of motor vehiclesFinancial and insurance activit

73、iesTransportation and storageReal estate activitiesCoke and refined petroleum productsMining and extraction ofenergy producing productsAccommodation and food servicesOthers0%10%20%30%40%50%Indirect impact of merchant-partners(%)in IndonesiaIndirect GVAIndirect jobs2.4 PILLAR 3:DRIVER-PARTNERSAmong t

74、he three pillars of the on-demand service industry,Indonesias driver-partners account for nearly half of the on-demand service industrys total economic impact,due to the sheer size of the driver-partner network.We estimate that overall driver-partners contributed approximately Rp44.4 trillion to Ind

75、onesias GDP in 2023.These driver-partners supported an estimated 130,000 jobs through their spending with local suppliers to sustain their activities in the on-demand service industry.The two biggest operators in Indonesias on-demand service industry,Grab and Gojek,host a massive community of driver

76、-partners.While Grab has 3.3 million driver-partners registered on its platform,Gojek has 3.1 million registered driver-partners.The size of each operators driver-partner community is equivalent to around 1.5%of the countrys working-age population,and their work on the platform provides valuable ear

77、ning opportunities to support their livelihood.Source:Oxford Economics,GrabTotal may not sum due to rounding.15 The GDP impact of driver-partners includes their earnings,as well as the spending supported in the wider economy through their purchase of goods and services.This includes expenses to main

78、tain their vehicles,such as fuel and maintenance(i.e.,indirect impact),and purchases in the consumer economy(i.e.induced impact).Fig.8.Driver-partners contribution to GVA in Indonesia,by channels of impact,2023This economic activity generated indirectly through the merchant-partners supply chain sup

79、ported approximately 100,000 jobs across a similar array of sectors,predominantly within agriculture,food manufacturing,wholesale and retail trade,and the accommodation and food services sectors,as illustrated in Fig.7.Our analysis indicates that merchant-partners also contributed an induced economi

80、c impact worth Rp4.2 trillion to Indonesias GDP in 2023,supported by 30,000 full-time equivalent jobs(i.e.,8%of its jobs contribution)(Fig.6).Fig.7.Merchant-partners indirect impact on GVA and jobs in Indonesia,by sectors,2023Source:Oxford Economics,GrabTotal may not sum due to rounding.60%8%32%Rp44

81、.4 trillionGVA contribution0%10%20%30%40%50%60%70%80%90%100%shareDirectIndirectInduced18The Economic Impact of theOn-Demand Service Industry in Indonesia68%18%3%1%1%1%1%7%Wholesale and retail trade;repair of motor vehiclesFinancial and insurance activitiesTransportation and storageCoke and refined p

82、etroleum productsTelecommunicationsMining and extraction ofenergy producing productsReal estate activitiesOthers0%10%20%30%40%50%60%70%Indirect impact of driver-partners(%)in IndonesiaIndirect GVAThe total economic impact of the on-demand service industry in Indonesia includes a Rp26.5 trillion dire

83、ct contribution to GDP from driver-partners.This constitutes 60%of the driver-partners total economic impact(Fig.8).Driver-partners also create an indirect economic impact of their own,through spending on goods and services to support their work on the platforms.In 2023,the indirect GVA contribution

84、 of driver-partners to Indonesias GDP amounted to Rp3.6 trillion.More than two-thirds of this impact(68%)was concentrated in the wholesale and retail sector,largely due to spending on vehicle repairs,maintenance,and parts.This is followed by the financial and insurance services sector(18%),which acc

85、ounts for the driver-partners expenditure on vehicle insurance(Fig.9).Our analysis also shows that the induced impact of driver-partners activities on on-demand service platforms contributed Rp14.3 trillion to Indonesias GDP in 2023.This induced impact is derived from the income spending of driver-p

86、artners and of the workers in their supply chain.It accounts for close to a third of the total impact for this pillar,because the total economic impact of driver-partners is driven predominantly by individual earnings(Fig.8).Fig.9.Driver-partners indirect impact on GVA in Indonesia,by sectors,2023So

87、urce:Oxford Economics,GrabTotal may not sum due to rounding.16 The wholesale and retail sector also includes activities related to the repair of motor vehicles and motorcycles.3.WIDER IMPACTS OFON-DEMAND SERVICESIN INDONESIA21The Economic Impact of theOn-Demand Service Industry in Indonesia17 Asian

88、Development Bank,“Republic of Indonesia:Promoting Innovative Financial Inclusion Program”,2022.18 Grab,“GrabKios:The reliable app to maximize your income”,2024.19 Universitas Indonesia,“GoPay drives financial literacy and deeper use of financial services”,2021.20 Ministry of Cooperatives and SMEs,“S

89、upporting Digitalisation for Indonesian MSMEs”,2024.Our economic footprint analysis has demonstrated how the on-demand service delivery industry contributes substantially to Indonesian GDP and jobs.Beyond the direct economic contributions,on-demand service platforms also leverage economies of scale

90、across various business verticals to generate significant socio-economic value for their driver-partners and merchant-partners in Indonesia.One of the most significant contributions of on-demand service platforms is their role in improving access to financial services,thus enhancing financial inclus

91、ion in Indonesia.This is particularly vital in a country where 97 million adultsnearly half(48%)of the adult populationlack access to financial services,making it the fourth largest unbanked population globally according to the Asian Development Bank.Platforms like Grab and Gojek have integrated pay

92、ment solutions such as OVO and GoPay,respectively,that facilitate seamless transactions for consumers,driver-partners,and merchant-partners alike.Grab also offers GrabKios in Indonesia,which enables small merchants and micro-entrepreneurs to access digital payment services,loans,and insurance protec

93、tion.By providing easy access to financial technologies and services,on-demand service platforms encourage the inclusion of unbanked individuals in the formal financial system.A survey by Lembaga Demografi,a research institute in the University of Indonesia,reported that one in four GoPay users bega

94、n engaging with banking services after using the digital payment service.Additionally,many platform operators offer access to microloans tailored to driver-partners and small merchants who often struggle to secure financing from traditional lenders.Grab exemplifies this through its proprietary credi

95、t scoring model,which assesses driver-partners earnings to determine their creditworthiness.This innovative model allows Grab,through OVO and its other partners,to offer fractionalised loans to individuals who may lack a formal credit history.Since 2020,Grab and OVO have disbursed more than Rp1 tril

96、lion in business capital loans,which have supported more than 25,000 micro-,small-,and medium-sized enterprises(MSMEs)in Indonesia.One in four GoPay users began engaging with banking services after using the digital payment service.Loans disbursed by Grab and OVO have supported 25,000 MSMEs in Indon

97、esia.The Economic Impact of theOn-Demand Service Industry in Indonesia23As noted by a World Bank publication,access to the formal financial system and appropriate credit can potentially facilitate investments in education and business opportunities,which in turn improves productivity and boosts econ

98、omic growth.Individuals can utilise those loans to invest in upskilling courses,buy better equipment to enhance their business,and support their livelihoods.On-demand services also play a crucial role in promoting digitalisation in Indonesia.By exposing driver-partners and merchant-partners to mobil

99、e apps and online payments,these platforms enhance digital literacy across the population.The same survey by Lembaga Demografi also found that 56%of GoPay users gained a better understanding of digital payments,while 45%increased their use of e-wallets.In a similar vein,Grab,recognising the importan

100、ce of digital skills,has also launched initiatives like GrabAcademy in Indonesiaan online learning platform designed to help driver-partners navigate the digital landscape and improve their livelihoods.These on-demand service platforms also help to digitalise small and traditional businesses,such as

101、 warungs and wet market stalls,which typically lack an online presence.In 2021,Grab collaborated with the Indonesian Market Management Association to digitalise traditional wet markets through the GrabMart Pasar service,by onboarding wet market stalls to the platform.This service allows users to ord

102、er from wet markets through the app,and was imperative in helping traditional wet market merchants tide over the pandemic.Grab further expanded its services to warung businesses in 2023 through a partnership with local conglomerate Sampoerna.This partnership entailed integrating services like GrabEx

103、press delivery,mobile top-ups,and QR payments into the Sampoerna Retail Community app,which hosts over 200,000 warung businesses.To further support these businesses,Grab also launched Marketing Manager,a self-serve digital advertising tool designed specifically with small businesses in mind.This too

104、l allows MSMEs to easily create and manage their own promotions,improving visibility and driving sales,with the flexibility to adjust campaigns in real-time via Grabs app.Furthermore,the network effects generated by on-demand service platforms create a positive feedback loop that enhances the overal

105、l value of their services.These platforms host multiple services from ride-hailing,deliveries,and financial services within a single app.As more consumers utilise these platforms to access this extensive range of services,transaction volume increases and the value for driver-partners and merchant-pa

106、rtners grows.This in turn attracts more drivers and merchants to join the platform.Moreover,synergies between the different service offerings within the platform are often generated.For instance,when more consumers engage with the platform for delivery services,it increases demand for its digital pa

107、yment services.This further enhances the value of the activities that take place on these on-demand service platforms and in turn expands the network of consumers,driver-partners,and merchant-partners that benefit from the platforms services.21 Dorothe Singer et al.,“Financial Inclusion and Inclusiv

108、e Growth:A Review of Recent Empirical Evidence.”,World Bank,2017.22 Universitas Indonesia,“GoPay drives financial literacy and deeper use of financial services”,2021.23 Grab,“Grab Social Impact Report 2020”,2020.24 CNBC Indonesia,“Grab Partners with Asparindo to Digitalize Traditional Markets”,2021.

109、25 TechinAsia,“Grab partners with ID conglomerate to digitalize more warungs”,2023.26 Grab,“How we made marketing solutions affordable and low-risk for small businesses”,2024.27 Harvard Business School,“What are network effects?”,2020.Initiatives like GrabMart Pasar enable traditional wet markets an

110、d warung businesses to digitalise.4.CONCLUSION25The Economic Impact of theOn-Demand Service Industry in IndonesiaThe on-demand service industry in Indonesia has become a crucial driver of digitalisation,financial inclusion,and economic growth.In 2023,this industry has contributed Rp91.7 trillion to

111、the nations GDP while supporting 588,000 jobs and a Rp33.2 trillion contribution to household income.Beyond these economic contributions,the on-demand service industry delivers broader socio-economic benefits enabled by innovations developed by platform operators.It enhances financial inclusion by p

112、roviding access to digital payment solutions and microloans for both merchant-partners and driver-partners,allowing them to engage more fully in the formal economy.Small businesses benefit from the increased visibility and access to a larger customer base through innovations on digital platforms,whi

113、le drivers enjoy flexible earning opportunities that can help bridge employment gaps.Furthermore,the industry promotes digital literacy among users,equipping them with the skills necessary to thrive in an increasingly digital world.As more individuals engage with technology through on-demand service

114、s,the overall digital landscape of Indonesia continues to evolve,fostering innovation and entrepreneurship.As the on-demand service sector continues to grow,it is well-positioned to drive further improvements in connectivity and inclusivity in the Indonesian economy,enhancing opportunities for drive

115、rs,merchants,and consumers.27The Economic Impact of theOn-Demand Service Industry in Indonesia26The Economic Impact of theOn-Demand Service Industry in Indonesia6.TECHNICAL APPENDIXWe estimate the direct GDP contribution from Grabs operations as the sum of Grabs EBITDA,wages paid to employees,and ta

116、xes incurred(i.e.,using the income approach).The direct employment impact refers to the number of full-time and part-time employees hired by Grab,adjusted to a full-time equivalent estimate.For this,a full-time-equivalent adjustment ratio,derived from labour hours data provided by Statistics Indones

117、ias Labour Force Survey,is applied to convert the part-time employees into a full-time-adjusted estimate.The direct household income contribution from Grabs operations is also estimated from Grabs gross employment costs for employees based in Indonesia,excluding the taxes paid by employees.These tax

118、 payments are based on the OECDs estimates of the tax wedge(i.e.,the difference between the before-tax and after-tax wages)in Indonesia.Driver-partners:The direct GDP contribution from driver-partners across the whole industry is derived by scaling the direct GDP contribution of Grabs driver-partner

119、s,again using the market share of Grab in each segment of the on-demand service industry.We estimate the direct GDP contribution of Grabs driver-partners from their net earnings,which exclude operational expenses like fuel,maintenance,depreciation,and insurance.The fixed costs incurred by the driver

120、-partners,such as the cost of smartphone and vehicle ownership,are not considered.We assume such fixed costs are not specific to their activities on the Grab platform,as they are not incurred solely due to their work as a Grab driver-partner.To estimate the total expenses,we applied a cost per kilom

121、etre for each type of driving expense to the total ride distance travelled by the driver-partners.This was based on the cost estimates from the American Automobile Association,which were adjusted for Indonesia.Merchant-partners:Similar to the other pillars,the direct economic contributions of Grabs

122、merchant-partners were scaled up to represent the direct economic contribution of merchant-partners across the whole on-demand service industry,using Grabs market share in each service segment.We estimate the direct GDP,employment,and household income contributions of Grabs merchant-partners based o

123、n the sales data obtained from Grab,combined with industry ratios from Oxford Economics proprietary Global Economic Impact Model(GEIM).This is a bespoke inter-country Input-Output model covering 185 countries across the world and can estimate the direct impact of merchant-partners activities using g

124、ross output.We distributed the total sales by merchant-partners between retail(GrabMart)and food and beverage(GrabFood)segments,based on Grabs revenue share from each segment.Data for the retail segment were then combined with data from national and OECD supply-use tables to derive the gross output

125、accruing to domestic producers,wholesalers,and retailers.The gross output from GrabMart merchant-partners were then mapped to the food manufacturing industry and the wholesale and retail industry respectively.Meanwhile for the food and beverage segment,total sales are assumed to represent total outp

126、ut as the food and beverage inputs tend to be processed into their final form.The gross output by GrabFood merchant-partners was allocated to the food services industry.These gross output values for each industry were combined with its corresponding industry ratios from the OECD input-output table w

127、ithin Oxford Economics GEIM.This determines the direct gross value-added,employment,and income contributions of merchant-partners.QUANTIFYING THE ECONOMIC IMPACT OF THE ON-DEMAND SERVICE INDUSTRY IN INDONESIAThis technical appendix explains the modelling approach and assumptions used to quantify the

128、 economic impact of the on-demand service industry in Indonesia in 2023.This covers the core on-demand service segments across three pillarsplatform operators,merchant-partners,and driver-partners.The industrys total economic impact is the sum of the impact of each of the three pillars and estimated

129、 based on proprietary and confidential data provided by Grab.This data are for Grabs on-demand service business in Indonesia,and the economic contributions obtained from Grabs data were scaled to represent the entire industry.This was done by applying estimates of Grabs market share within each on-d

130、emand service segment,which were derived from third-party market research reports and Grabs own market intelligence.Secondary data from sources such as official national statistics and industry reports were also incorporated in the calculations.In the sections below,we elaborate on the inputs used i

131、n our modelling.DATA INPUTS PROVIDED BY GRABGrab facilitated the analysis by sharing data for its own operations,merchant-partners,and driver-partners in Indonesia in 2023.For its own operations,we obtained data on Grabs revenue,earnings before interest,taxes,depreciation,and amortisation(EBITDA),pr

132、ocurement spending,and employment metrics such as number of employees and employment costs for activities associated with the on-demand service segments.This employment contribution encompasses regional functions based in Indonesia,which also contribute to its on-demand service business activities i

133、n the country.For merchant-partners,we received data on the total sales on the platform for food and beverage and groceries.For driver-partners,we received data on the total earnings of driver-partners made through the platform,as well as the monthly headcount of active driver-partners and the total

134、 ride distance in 2023 to facilitate our estimation of the driver-partners operating expenses.DIRECT IMPACTOur bespoke modelling approach is adapted for the idiosyncrasies of each pillar,leveraging the data provided by Grab to estimate the direct impacts.Platform operators:The direct impact of platf

135、orm operators in Indonesia is derived by scaling Grabs direct GDP and employment contribution to the industry level,using Grabs market share in each on-demand service segment.31 American Automobile Association,“Your Driving Costs”,2023.32 The ratios used included gross value-added against gross outp

136、ut ratios,gross value-added per worker,and compensation of employees against gross value-added.These ratios are based on the latest national statistics for Indonesia for 2023.28 The core on-demand service segments include ride-hailing,food deliveries,grocery and retail deliveries,and logistics deliv

137、eries.This does not include financial services.29 The estimate for their market shares in food and retail delivery and ride-hailing are based on market research reports by Momentum Works and Measurable AI.Meanwhile,the estimate for Grabs market share in logistics delivery in Indonesia is based on Gr

138、abs own intelligence.(Measurable AI,“Inside the Duopoly:Gojek vs Grab on Indonesias Ride-Hailing Market”,2023,Momentum Works,“Food delivery platforms in Southeast Asia”,2023.)30 The procurement data received from Grab include both their operating and capital expenditure.2829The Economic Impact of th

139、eOn-Demand Service Industry in IndonesiaThe Economic Impact of theOn-Demand Service Industry in IndonesiaCALCULATION OF MULTIPLIERSTaking the indirect and induced GDP impacts together as a ratio of the direct GDP impact,we calculate multipliers to estimate the additional value-added to the economy f

140、rom the activities supported by the on-demand service industry(Fig.10).The differences in the multipliers across each pillar reflect the nature of the activities and the nature of the supply chain linkages for those sectors.For the job multiplier,we take the indirect and induced full-time equivalent

141、 employment impacts as a ratio of the number of employees directly employed by platform operators.This estimates the additional jobs in the economy that are supported by the employment activities on the platforms.Fig.10.Stylistic representation of estimated multipliersSource:Oxford Economics.INDIREC

142、T AND INDUCED IMPACTSThe GEIM was also used to quantify Grabs indirect and induced impacts on the Indonesian economy.It allows us to assess the economic impact associated with the supply chain and wage-induced spending across the three main pillars of Grabs on-demand services.This was then scaled up

143、 by Grabs market share to estimate the indirect and induced impact of the on-demand service industry on Indonesias economy.The model provides a snapshot of an economy for a single year,describing the relationships between industries,the goods and services they produce,and who uses them.It incorporat

144、es procurement and compensation of employees as key inputs to estimate the indirect and induced impacts.For each pillar(platform operators,merchant-partners,and driver-partners),we adopted a bespoke approach to estimate the procurement values and disaggregate them into specific industries to estimat

145、e the supply-chain impacts from the GEIM.Platform operators:Grab provided proprietary data on the procurement spending incurred across various operating and capital expense categories during its operations for its delivery and ride-hailing activities in 2023.To align with Grabs operational activitie

146、s,this procurement spending is assigned across different industry sectors based on the insights provided by Grab on the nature of these activities.The specific mapping for the procurement categories is based on the International Standard Industrial Classification of All Economic Activities used in t

147、he GEIM.Driver-partners:The estimated total expenses incurred by driver-partners are categorised into four spending categories and assigned to their corresponding industries.Specifically,fuel,maintenance,and depreciation costs are associated with the wholesale and retail industry,which covers the re

148、pair and maintenance of vehicles.Insurance costs are mapped to the financial and insurance services sector.Merchant-partners:Based on the direct GDP,employment,and household income contributions of Grabs merchant-partners,the model estimates the procurement spending driven by merchant-partners.This

149、procurement spending is then disaggregated into specific industries using spending profiles from the OECDs input-output tables for the food and beverage and retail sectors in Indonesia.Lastly,the induced impact from each of the three channels was estimated based on proprietary data from Grab on the

150、compensation of its employees for Grabs own operations,income earned by the driver-partners and estimated wage spending supported by the activities of merchant-partners.These spending estimates are adjusted to account for the value of domestic household spending as a share of total earnings,excludin

151、g taxes and savings.The value of this domestic spending was distributed across different sectors in the Indonesian economy,based on the structure of spending obtained from the household final consumption expenditure column for Indonesia in the OECDs input-output table.From these disaggregated procur

152、ement and consumption spending estimates,we obtain indirect and induced output respectively.These output values are combined with industry ratios from the OECD input-output table within Oxford Economics GEIM to obtain the indirect and induced gross value-added,employment,and income contributions.33

153、The ratios used included gross value-added against gross output ratios,gross value-added per worker,and compensation of employees against gross value-added.These ratios are based on the latest national statistics for Indonesia for 2023.MultiplierIndirect Impact+Induced Impact Direct ImpactTHE ECONOM

154、IC IMPACTOF GRAB IN INDONESIASUMMARY Grabs on-demand services contributed an estimated Rp42.6 trillion to the Indonesian economy in 2023,equivalent to around 0.2%of the nations gross domestic product(GDP).Every Rp100 of GDP generated by transactions on the Grab platform for on-demand services,leads

155、to further economic activity worth Rp110 of GDP across the rest of the Indonesian economy(i.e.,multiplier effect of 1.1).This same activity supported 273,000 full-time equivalent jobs across Indonesia in 2023.Taken together with the total earnings of driver-partners,Grabs on-demand services collecti

156、vely supported a Rp15.4 trillion contribution to household incomes across Indonesia in 2023.The Economic Impact of Grab in Indonesia1THE ECONOMIC IMPACT OFGRAB IN INDONESIAA CASE STUDY1.BACKGROUNDSince its entry into Indonesia in 2014,Grab has become an essential part of the countrys digital landsca

157、pe,enhancing convenience for millions of Indonesians through its“super-app”.Offering ride-hailing,food and grocery deliveries,logistics,and financial services,Grab empowers individuals and businesses across Indonesia with digital tools.This includes smaller businesses,who make up the majority of Gra

158、bs merchant-partner communitymicro-,small-,and medium-sized enterprises(MSMEs)comprise 77%of GrabFood merchant-partners and 54%of GrabMart merchant-partners.It also includes 3.3 million registered driver-partners,representing 1.6%of Indonesias working-age population.75%of these driver-partners in In

159、donesia have completed high school or less.By providing these businesses with digital tools and access to a broader customer base,Grab not only fosters entrepreneurial growth but also promotes financial inclusiona priority in Indonesia,where nearly half of its adult population remain unbanked.This c

160、ase study explores the economic contributions of Grabs on-demand services to the Indonesian economy in 2023,through Grabs operations as well as its broader network of merchant-partners and driver-partners.We analyse Grabs economic contribution in Indonesia via its core on-demand service delivery bus

161、iness,which includes ride-hailing and food and grocery delivery.Our economic impact analysis encompasses three key pillars:i)Grabs own operations in Indonesia,ii)its merchant-partners that sell through the platform,and iii)its network of driver-partners who earn an income through Grabs ride-hailing

162、and delivery services.1 Based on Grabs proprietary data.2 This should not be construed as describing a contractual form of employment between Grab and its partners,nor does it imply that Grab partners are considered employees of Grab under prevailing labour laws.3 Based on Grabs proprietary data.4 A

163、sian Development Bank,“Republic of Indonesia:Promoting Innovative Financial Inclusion Program”,2022.5 According to Grabs Annual Report 2023,these two segments accounted for 87%of Grabs revenue in 2023.Grabs activities across its financial services,enterprises,and new initiatives segments are not inc

164、luded in this study.6 Driver-partners in this study refers to the number of unique individuals who drove 2-wheelers or 4-wheelers and earned on the Grab platform at least once a month in 2023.The Economic Impact of Grab in IndonesiaThe Economic Impact of Grab in Indonesia232.GRABS ECONOMIC IMPACT IN

165、 INDONESIAIn 2023,Grabs on-demand services contributed an estimated Rp42.6 trillion to the Indonesian economy,equivalent to around 0.2%of the nations gross domestic product(GDP).This total economic impact is attributed not only to Grabs direct operations,but also the economic activities of its commu

166、nity of merchant-partners and driver-partners,which generate further value across the economy.Driver-partners in particular,account for nearly half of Grabs total economic impact(Fig.1).For every Rp100 of GDP generated by transactions on Grab for on-demand services,a further Rp110 of GDP was stimula

167、ted in other parts of the Indonesian economy(i.e.,multiplier effect of 1.1).Grabs on-demand services supported 273,000 full-time equivalent jobs across Indonesia in 2023.Merchant-partners account for the bulk of this contribution(Fig.2).We estimate that the jobs supported by Grabs on-demand service

168、business represent 0.4%of the total employment of five critical and closely related sectors in Indonesia:the information and communications,food services,retail,transport,and business and professional services sectors.Taken together with the total earnings of driver-partners,Grabs on-demand services

169、 collectively supported a Rp15.4 trillion contribution to household incomes across Indonesia in 2023.For every employee hired by Grab,earning opportunities were created for an additional 112 workers in other parts of the Indonesian economy.Fig.1.Contribution of Grabs on-demand services to gross valu

170、e-added(GVA)in Indonesia,2023Fig.2.Contribution of Grabs on-demand services to jobs in Indonesia,2023Source:Oxford Economics,GrabTotal may not sum due to rounding.Source:Oxford Economics,Grab*Rounded to the nearest thousands.Total may not sume due to rounding.8 This refers to the full-time equivalen

171、t jobs supported by Grabs operations and merchant-partners,excluding driver-partners.It also accounts for the full-time equivalent jobs supported in the combined supply chains of Grab,its merchant-partners,and driver-partners.9 Workers employed by merchant-partners,in full-time equivalent terms,are

172、not necessarily working exclusively to support the merchant-partners activities on on-demand service platforms,but rather they reflect the share of worker output driven through their sales on such platforms.10 This multiplier is derived by taking the sum of indirect and induced full-time equivalent

173、employment across the supply chains of the platform operators,the merchant-partners,and the driver-partners,as a ratio of the number of employees directly employed by platform operators.7 This multiplier is derived by taking the sum of indirect and induced GDP impacts across the supply chains of the

174、 platform operators,the merchant-partners,and the driver-partners,as a ratio of the sum of their direct GDP impacts.7.214.820.642.6GrabsownoperationsMerchant-partnerssupportedon GrabDriver-partnerswho earn anincome via GrabTotal051015202530354045Gross value-added,Rp trillions32,000180,00061,000273,0

175、00GrabsownoperationsMerchant-partnerssupportedon GrabFrom supply chainsof Grabsdriver-partnersTotal0100,000200,000300,000Number of jobs*supported45The Economic Impact of theOn-Demand Service Industry in IndonesiaThe Economic Impact of Grab in IndonesiaThe Economic Impact of Grab in IndonesiaThis app

176、endix briefly explains the modelling approach and assumptions used to quantify the economic impact of Grabs on-demand services in Indonesia in 2023.This covers the core on-demand service segments across three pillarsGrabs own operations,merchant-partners,and driver-partners.For each of these aspects

177、,we estimate Grabs economic contribution to GDP and employment as the sum of its direct,indirect,and induced impacts.Grabs total economic impact is the sum of the impact of each of the three pillars,and is estimated based on proprietary and confidential data provided by Grab,and secondary data from

178、sources such as official national statistics and industry reports.In the sections below,we elaborate on the inputs used in our modelling.INPUTS TO THE ECONOMIC IMPACT MODELGrab facilitated the analysis by sharing data for its own operations,merchant-partners,and driver-partners in Indonesia in 2023.

179、This data included Grabs revenue,earnings before interest,taxes,depreciation,and amortisation(EBITDA),procurement spending,employment headcount and employment costs for its on-demand service operations.This employment headcount encompasses regional functions based in Indonesia across its on-demand s

180、ervice segments,which also contribute to its activities in Indonesia.For merchant-partners,we received data on the total sales on the platform for food and beverage and groceries.For driver-partners,we received data on the total earnings of driver-partners made through Grab,and the total ride distan

181、ce in 2023 to estimate the driver-partners operating expenses.APPENDIX:MEASURING THE ECONOMIC IMPACT OF GRABS ON-DEMAND SERVICESQUANTIFYING THE ECONOMIC CONTRIBUTIONS OF GRABS ON-DEMAND SERVICESThe direct contributions of Grabs operations to the Indonesian GDP are derived from its EBITDA,employee wa

182、ges,and taxes.Employment impacts are measured by full-time and part-time employees,with part-time roles adjusted to full-time equivalents.Household income is calculated from Grabs gross employment costs,excluding taxes.For driver-partners,the direct contribution is based on net earnings,excluding th

183、eir operating expenses like fuel,vehicle depreciation,and maintenance.For merchant-partners,direct GDP,employment,and household income impacts are based on their sales data,combined with industry ratios for the retail,food services,and food manufacturing sectors.These ratios are from Oxford Economic

184、s proprietary Global Economic Impact Model(GEIM),a bespoke inter-country Input-Output model covering 185 countries across the world.The GEIM also quantifies Grabs indirect and induced impacts by assessing the economic impact associated with the supply chain and wage-induced spending.For indirect imp

185、acts,procurement spending data were used as key inputs,and disaggregated into specific industries to estimate the supply-chain impacts from the GEIM.The indirect impacts reflect the economic activity generated through Grabs procurement spending on operating and capital expenses,which supports sector

186、s like information and communication technology.For driver-partners,expenses related to fuel,maintenance,and insurance are mapped to the wholesale,retail,and financial sectors.Merchant-partner procurement spending is similarly distributed across relevant industries like food services and retail.Last

187、ly,the induced impact from each of the three channels was estimated based on proprietary data from Grab on the compensation of its employees for Grabs own operations,income earned by the driver-partners and estimated wage spending supported by the activities of merchant-partners.These spending estim

188、ates are adjusted to account for the value of domestic household spending as a share of total earnings,excluding taxes and savings.The value of this domestic spending was distributed across different sectors in the Indonesian economy,based on the structure of spending obtained from Indonesias househ

189、old final consumption expenditure column in the OECDs input-output table.From these disaggregated procurement and consumption spending estimates,we obtain indirect and induced output respectively.These output values are combined with industry ratios from the OECD input-output table within Oxford Eco

190、nomics GEIM to obtain the indirect and induced gross value-added,employment,and income contributions.11 The ratios used included gross value-added against gross output ratios,gross value-added per worker,and compensation of employees against gross value-added.These ratios are based on the latest nat

191、ional statistics for Indonesia for 2023.Oxford Economics was founded in 1981 as a commercial venture with Oxford Universitys business college to provide economic forecasting and modelling to UK companies and financial institutions expanding abroad.Since then,we have become one of the worlds foremost

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196、ow comprises over 2,500 international organisations,including leading multinational companies and financial institutions;key government bodies and trade associations;and top universities,consultancies,and think tanks.January 2025All data shown in tables and charts are Oxford Economics own data,excep

197、t where otherwise stated and cited in footnotes,and are copyright Oxford Economics Ltd.This study references 2023 data provided by Grab,a company listed on Nasdaq.Neither Nasdaq,Inc.nor its affiliates make any recommendation to buy or sell any security or any representation about any companys financ

198、ial condition.Investors should undertake their own due diligence before investing.2025.Nasdaq,Inc.All Rights Reserved.N.The modelling and results presented here are based on information provided by third parties,upon which Oxford Economics has relied in producing its report and forecasts in good fai

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