The Internet is changing how we work, make, and exchange knowledge and shape the movement of individuals, thoughts, and things worldwide. The amount of this shift is still not entirely understood, though. According to a 2011 study by McKinsey Global Institute, The Internet was credited for 21% of the GDP increase in industrialized nations during the previous five years. Facebook’s user base grew from a small group of college students to even more than 800 million users globally, comprising numerous significant businesses that routinely maintain their sites and publish content.
Although this technology revolution has benefited giant corporations and national economies, the biggest winners from the Internet’s empowering influence have been individual customers and tiny startup businesses; for instance, Indians can check the status of their railway tickets through the PNR Status. But, the opportunities and transformations the Internet will deliver are still in development.
Internet Ecosystem Expansion and Refining Living Standards
There is a connection between the maturity of the internet ecosystem and improving living standards. As the internet maturity proliferates, the per capita GDP also increases.
The 19th-century industrial revolution took 50 years to produce the same outcomes. This shows the size of the Internet’s good effects on all spheres of society and how quickly they occur. The link between rising living standards and economic growth is especially important for developing nations since they can advance quickly and promote internet-related growth.
Although the United States has dominated the quality of its internet infrastructure, connectivity, and innovation up until now, the environment is rapidly changing. Ecosystems in India, China, and Brazil are expanding faster than those in other developed and developing nations. Because of greater access and infrastructure, more people are using these ecosystems overall.
Internet Maturity and Economic Development
The impact that the Internet has on economic development has deeply influenced living standards all around the world. As more individuals get access to the Internet and its many benefits, they can engage in the digital economy, interact with people around the world, and access data and resources that were previously inaccessible. The establishment of new employment, enterprises, and industries due to this improved access has enabled many people and communities to enjoy higher living standards.
The Internet considerably affects economic growth rates in several large, industrialized economies. Among the major economies, which together account for 70% of global GDP, the Internet accounts for 3.4% of GDP on average. If internet spending and consumption were a sector, it would contribute more to GDP than the energy or agricultural sectors. According to a 2011 study by McKinsey Global Institute, the entire GDP that the Internet contributes to the world economy is greater than that of Spain or Canada. It is rising more quickly than the GDP of Brazil.
Even if the Internet has rendered certain jobs obsolete, it may also be a potent force for job growth. But early research indicates that the Internet might create some jobs. Nonetheless, the Internet has also contributed to employment growth in other sectors. Jobs are produced inside the internet ecosystem when online businesses recruit individuals ranging from engineers to sales and service employees who develop and supply internet products and services.