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Two billion people are connected to the Internet. Almost $8 Trillion exchange hands each year through e-commerce. The Internet has transformed the way we live, the way we work, the way we socialize and meet and the way our countries develop and grow. A Report by  McKinsey titled ‘Internet Matters: The Net’s Sweeping Impact on Growth, Jobs and Prosperity’ says so. It was produced by the McKinsey Global Institute (MGI) and McKinsey’s Technology, Media and Telecommunications. It is said to be “the  first quantitative assessment of the impact on GDP and growth”. Some  interesting Global  facts from the Report: 2 billion-Internet users worldwide Internet accounts for 3.4% of GDP in 13 countries, and 21% of GDP growth in the last 5 yrs in mature countries 2.6 jobs created for 1 job lost 75% of Internet impact arises from traditional industries 10% increase in productivity for SMBs from Internet usage English spends the highest in online shopping “ In every country except China and India, private consumption accounted for about half or more of the contribution, peaking at 69 per cent of the total in South Korea or more than 70 per cent in Brazil and Russia ,” said the report. This means India and China are anomalies. They are the only ones where internet consumption was primarily driven by export of internet services instead of local consumption. The internet’s contribution to India’s GDP in 2009 at 3.2 per cent is higher than China. Internet’s contribution to the GDP of China in 2009 was 2.6 per cent. The study also found that, contrary to usual perception that the internet and automation are resulting in job losses, the inter was in fact a powerful catalyst for job creation. “ This result is also reflected in our survey of more than 4,800 small and medium enterprises in the countries we studied, which shows that 2.6 jobs were created for every one destroyed, confirming internet’s capacity for creating jobs across all sectors, ” said the report. Increased productivity , opportunities to expand reach into domestic and foreign markets and rapid deployment of game-changing ideas are other benefits offered by the Internet aside from Economic benefits. The report is a very informative. You can read the original Report  here . Looking For A Social Media Agency?? – Contact WATConsult – India’s Leading Social Media Agency Related Posts India Gets Newer But Slower Internet Users: Akamai Govt Holds India’s Internet Switch – What’s Your Take On It? Internet Is Indian Youths’ Favourite Pastime 2 Billion – Number Of Users Using The Internet By End Of 2010 UN – Targets 3.5 billion Netizens by 2015!