A report by the Information Technology & Innovation Foundation (ITIF) claims that IT is responsible for nearly all of the US pick-up in economic growth over the past decade, adding $2 trillion annually to the economy. The integration of IT into virtually every aspect of the economy and society is creating a digitally enabled economy responsible for generating the lion's share of economic growth and prosperity, both in the US and abroad, the report stated. "For the US alone we found that, because of the digital revolution, GDP is $2 trillion larger today than it would have been had growth in the post-1995 era proceeded at the 1974 to 1995 rate," said Robert Atkinson, president of the ITIF. He added that, while productivity gains from IT are among the highest in the US, most other nations have benefited from the IT revolution, including Australia, Canada, Finland, France, Germany, Korea, Japan, the Netherlands and Switzerland. IT also benefited developing nations. IT usage in China was responsible for 38% of the increase in total factor productivity growth and 21% of GDP growth.
News source: vnunet.com
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