An enormous amount of money changes hands online every day… The Internet plays host to a huge variety of economic activity, from online purchases to electronic banking. Until recently, the economic impact and potential of the Internet had not been studied much. However, in 2011, a new report from the McKinsey Global Institute revealed just how big a role the Internet plays in economies around the world.
The McKinsey research looked at the impact of the Internet on the G-8 nations of Canada, France, Germany, Italy, Japan, Russia, and the UK and US plus some emerging nations, including Brazil, China, South Korea and India.
The findings of the report were surprising. Although it had been clear that online activities contribute economically to most countries’ GDP, the extent of the Internet’s economic value was revealed to be much greater than predicted. The average contribution made by the Internet to a country’s GDP was 3.4 percent. To put this result into perspective, online economic activity now makes up a larger portion of total GDP than the energy sector or agriculture.
Internet Creates Jobs
The other big finding from the McKinsey report is that the economic impact of the Internet is [Read more…] about The Internet: An Economic Ecosystem for Exciting Job Growth