McKinsey Measure’s The Economic Impact of the Internet
November 14, 2011
The global system of interconnected computer networks that we know as the Internet serves billions of users worldwide. But few people realize the financial impact it has on the world. I came across a fascinating article this week that sites a recent McKinsey report explaining the different facets of the Internet as a global economy in three sections.
According to the Atlantic article, “The $8 Trillion Internet: McKinsey’s Bold Attempt to Measure the E-conomy,” with an $8 trillion global economy, the Internet accounted for 21 percent of GDP growth in the world’s largest economies over the last 5 years. That makes it larger than the economies of many countries.
The article states:
“As an industry, the Internet contributes more to the typical developed economy than mining, utilities, agriculture, or education. In Sweden, fully one-third of economic growth in the five years leading up to the recession came from Internet activities. For the entire G-8, the average was 21 percent. In an analysis of France since the mid-1990s, McKinsey found that the Internet created more than twice the number of jobs it destroyed.”
While it is difficult to measure the impact that the Internet has on our daily lives, I think McKinsey did an excellent job of visually and numerically presenting this data. Kudos to you!
Jasmine Ashton, November 14, 2011
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2 Responses to “McKinsey Measure’s The Economic Impact of the Internet”
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Does anyone know how to explain how “The United States captures more than 30 percent of global Internet revenues and more than 40 percent of net income” but all that represents 3.8% of GDP, a kind of non-competitive percentage compared with reported and other harder to find smaller countries?