Page 328 - Special Topic Session (STS) - Volume 2

STS497 Hasnah M. et al.
enthusiasm of economist and policy makers to quantify the enormous
consequence to the economy.
The ICT revolution will have a great impact on all aspects of growth, equity
and governance for countries at all levels of development. Technical advances
in many ICT areas continue apace and could level or change the playing field
for developing countries, provided policy and institutional changes are made
to capitalize on these advances (Hanna, 2011).
The government of Malaysia is committed in governing the development
of Malaysia's ICT sector. In 1996, Malaysia launched the Multimedia Super
Corridor (MSC) initiative in which it was envisioned that the ICT sector would
play an essential role in transforming this country into a developed economy
by 2020. As a result, Malaysia has enacted the outline of Legal Framework and
policies that lead to the increase of advanced telecommunications
infrastructure and higher broadband penetration. Malaysia has a
comprehensive legal framework relating to the use of the internet and digital
technology in which to ensure the advantages of digital economy could
benefit the users including the industry players. Moreover, e-commerce has
been growing in Malaysia due to the supportive policy environment and the
advanced infrastructure.
Technology has changed the interaction and function of a society or
community. The current advances technology has indirectly caused wide and
great change in every forms of human activities in the world (Carayannis,
Campbell, and Rehman; 2015).
The World Bank Group (2018) reported that from 2010-2016, the digital
economy of Malaysia grew by 9 percent per year in value-added terms, faster
than overall GDP. It is expected that the growth will reach 20 percent by 2020.
E-commerce is expanding very fast, and expected to surpass RM110 billion,
where it will reach 40 percent of the digital economy by 2020.
The compilation of digital economy statistics in Malaysia covers industry
players and household. To gather this information, Malaysia conducts a few
surveys namely ICTEC, ICTHS and AES-ICT. The main output of these surveys
is for the compilation of statistics on ICT Satellite Account (ICTSA) for Malaysia.
Eventually, digital economy statistics is produced.

2. Methodology
Generally digital economy could be referred as a wide range of economic
activities that use digitised information and knowledge to deliver the
production. The internet, big data, cloud computing, cryptocurrency and other
new digital technologies are used to collect, store, analyze, and share
information digitally and transform social interactions.
In Malaysia, a command understanding among agencies on e-commerce is a
form of transaction either the sale or purchase of goods or services, through

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