Digital Adoption Boosts GDP
According to research from Accenture, an increase in digital technology adoption can boost economic growth.
The study, conducted by Oxford Economics and Accenture Strategy, has assessed how the use of digital technologies in areas such as manufacturing, embracing new markets and running enterprises can drive economic growth by raising productivity.
According to Accenture greater use of technologies could drive the world's GDP by $1.6 trillion in 5 years' time, which is 2.3% more than current forecasts.
Gionata Tesechi MD at Accenture said: "Digital is not just about technology, it's about progress.
"What you can achieve in terms of effectiveness and efficiency is because digital is there."
Accenture's digital density index displays the UK at fifth, behind the Netherlands, Sweden, South Korea and the US.
The firm has drawn a 10-point plan to deepen digital density across the world, as well as creating a score card that measures a country's digital density by assessing metrics such as digital tech adoption, digital skills, digital regulatory frameworks and approaches to working.
Indicators of digital density include automation, cloud applications, online transaction and business acceptance of digital technologies.
Accenture believes if the UK adopts the plan its GDP could rise by $57bn in just five years, with developed countries boosting their annual economic growth rates by 0.25%.
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