Overview
Many countries are seeking strategies that can increase the economy and generate new employment in the face of slower growth and on-going instability. ICT is not only one of the fastest expanding industries, directly producing millions of employment, but it is also a critical facilitator of innovation and growth.
With 40 per cent of the world’s population now online, mobile subscribers (6.8 billion) are approaching global population numbers. An economy’s capacity to utilize new technology determines its competitiveness in this new context. The five most prevalent economic implications of ICT are listed below.
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Job creation on the spot
The ICT industry will continue to be one of the major employers. Computer and information technology occupations are predicted to expand by 22% in the United States by 2020, adding 758,800 new positions. The construction and operation of Australia’s new super-fast National Broadband Network will sustain 25,000 employees per year. Naturally, growth is unequal across different categories. In the United States, five extra jobs are produced in other industries for every job created in the high-tech sector. The worldwide IT market will rise by 8% in 2013, resulting in more jobs, higher pay, and a wider choice of services and products.
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GDP growth contribution
Findings from numerous nations confirm the favorable influence of ICT on growth. For example, in emerging countries, a 10% rise in broadband penetration is linked to a 1.4 per cent boost in GDP growth. This figure might reach 2.5 per cent in China. The increase in 3G connections doubles mobile data usage, enhancing global GDP per capita growth by 0.5 per cent. In certain countries, the Internet accounts for 3.4 per cent of total GDP. E-commerce — individuals promoting and selling items online – is responsible for most of this influence.
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New services and industries emerge
Many government services are now available on the Internet and through mobile phones. The transition to cloud computing is one of the most crucial modernization trends. Moldova’s government is one of the first in Eastern Europe and Central Asia to move its government IT infrastructure to the cloud and provide residents and enterprises with mobile and e-services. ICT has facilitated the birth of a brand-new business: the app industry. According to research, Facebook applications alone produced over 182,000 employments in 2011, and the Facebook app economy’s total value surpasses $12 billion.
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Changing the workforce
Companies like desk, Amazon, and Sam source have developed new “microwork” systems that enable breaking jobs into small components that can subsequently be outsourced to contract employees. Contractors are frequently situated in developing countries. Microwork platforms would allow businesses to reduce expenses while still gaining access to competent labour dramatically. Desk alone has almost 3 million registered contractors performing 1.5 million jobs in 2012. Other industries, such as internet payment systems, were affected by this trend. ICT has also aided the emergence of entrepreneurship by making best practices, legal and regulatory information, and marketing and financial resources much more accessible to self-starters.
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Entrepreneurial spirit
More than 95 per cent of enterprises in OECD nations have an internet presence. Thanks to the Internet, they can reach out to customers and compete for market share in new ways. Social media has proven itself as an effective marketing tool in recent years. Within businesses, ICT technologies serve to streamline business operations and increase efficiency. The remarkable proliferation of linked devices throughout the world has given companies new methods to service their consumers.
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