Metaverse Could Drive USD1.4-T Growth in Asia’s GDP

Asia may see up to USD1.4 trillion pumped into its gross domestic product (GDP) by 2035 due to Meta’s Metaverse as virtual reality (VR) could have “transformational effects” on Asian economies, according to consulting company Deloitte, who studied the possible effects of the Metaverse on 12 Asian economies.

This figure comes despite Meta, the parent company of Facebook, while pumping heavy investments in metaverse, “a set of digital spaces, including immersive 3D experiences, that are all interconnected so you can easily move between them. It will let you do things you couldn’t do in the physical world with people you can’t physically be with,” according to Meta, is still falling short of expectations.

According to Deloitte in their new report titled “The Metaverse in Asia: Strategies for Accelerating Economic Impact,” Metaverse’s contribution to Asia’s GDP could be in the range of USD800 billion to USD1.4 trillion by 2035, which would translate to around 1.3 percent to 1.4 percent of Asia’s overall GDP, assuming that “sustained technology investments made in the next five to ten years,” the consulting company added.

In the Philippines, the Metaverse could pump more Business Process Outsourcing (BPO) investments, which will further solidify the country’s lead as a BPO hub globally.

This could add a total of up to USD19 billion to the economy in 2035, Deloitte said, citing Outsource Accelerator’s “Pandemic pushes offices toward the metaverse.”

Moreover, Deloitte added government programs to develop its digital infrastructure as catalysts for the country’s foray into the Metaverse, citing projects such as the “Free Wifi for All program and deployment of fiber optic cables and wireless technology through public-private partnerships”.

“The metaverse will be an important market where we can promote original Filipino content and creations,” Bureau of Copyright and Related Rights Director of the Intellectual Property Office of the Philippines, Emerson G. Cuyo said. (GFB)