Internet Economy Expected To Grow Rapidly

As the world enters the information age, and the Internet continues to assimilate into the everyday lives of billions of people, the question begs: how impactful is the Internet to the economy?  The Economist has released a graph based on a recent report from the Boston Consulting Group (BCG) detailing the Internet’s contribution to the economies of the G20 countries.  The Internet economy in Britain is now larger than its construction and education sectors, comprising over 8% of GDP and forecasted to amount to over 12% by 2016.  BCG predicts that the Internet economy will grow at more than 10% annually, and by 2016, will comprise 5.3% of GDP in the G20 nations.  BCG also notes that as of now, the European Union has not capitalized on Internet revenues due to a lack of a single, all-encompassing digital market.