How did online spending base move from April 2020 to May 2023?

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The Online Spending Base Increased Significantly Between April 2020 and May 2023

Malaysia's online spending base has shown a substantial upward trend, increasing from a low of RM77.50 in April 2020 to RM141.80 by May 2023. This indicates a notable shift towards digital transactions and a recovery in consumer spending patterns over this period.
Recovery from Pandemic Lows

The period between April 2020 and May 2023 marks a significant recovery for the online spending base in Malaysia. In April 2020, amidst the initial impact of the Covid-19 pandemic, the average online spending per user was recorded at RM77.50. By May 2023, this figure had risen to RM141.80, more than doubling the initial value.
Indicators of Economic Improvement

This increase in online spending is one of several indicators cited by economists suggesting that Malaysia's economy is showing signs of recovery. Other positive economic markers observed during this timeframe include a decline in the unemployment rate to 3.5 per cent in May 2023 from a peak of 5.3 per cent in May 2020, and an increase in business loan availability.
Broader Economic Context

The rise in the online spending base aligns with a general sentiment of cautious optimism regarding Malaysia's economic outlook. While external factors and domestic challenges persist, improvements in consumer confidence and business activity, as reflected in various economic indicators, point towards a gradual emergence from previous economic pressures.

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How did online spending base move from April 2020 to May 2023?

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