February 7, 2012

The Net's Sweeping Impact on Growth, Jobs and Prosperity

THE INTERNET is a vast mosaic of economic activity, ranging from millions of daily online transactions and communications to smartphone downloads of TV shows. But little is known about how the  web in its entirety contributes to global growth, productivity, and employment.

New McKinsey research into the Internet economies of the G-8 nations as well as Brazil, China, India, South Korea, and Sweden finds that the web accounts for a significant and growing portion of global GDP. Indeed, if measured as a sector, Internet-related consumption and expenditure is now bigger than agriculture or energy. On the average, the Internet contributes 3-4 percent to GDP in the 13 countries covered by the research - an amount the size of Spain or Canada in terms of GDP, and growing at a faster rate than that of Brazil.

>Read the McKinsey Global Institute's report here.

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