The world's top economies are increasingly dependent on the Internet, according to a new report by the McKinsey Global Institute.
Measuring the percent GDP growth attributed to the Internet in Brazil, China, India, South Korea, Sweden, and the G-8 countries, the report found that the broadband sector is booming. According to the findings:
"On 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 ... if measured as a sector, Internet-related consumption and expenditure is now bigger than agriculture or energy."
The US currently has the largest share of Internet growth, with more than 30 percent of global Internet revenues and more than 40 percent of net income. As Internet use and adoption by businesses is the rise, the Internet is becoming a requirement for participation in the 21st century economy.
As companies leverage the Internet to achieve economic gains, public-sector leaders need to support expanded broadband access and digital literacy. As the Internet levels the playing field for international competition, it requires leaders to be vigilant in shaping and promoting technology at home.
The US faces the challenge of a vast digital; we need to ensure that we keep this channel of economic growth open and thriving by continuing to invest in our broadband networks.