The internet is a vast economic catalyst. Almost $8 trillion changes hands through e-commerce each year—three times the annual output of the entire British economy. Around 2bn people are connected to the internet and in some developed markets about two-thirds of all businesses have a web presence of some kind.

In our recent report, “Internet matters: The net’s sweeping impact on growth, jobs, and prosperity,” we examined the web’s contribution to global growth, productivity and employment—and produced the first quantification of the internet’s global impact on economies. We analysed consumption and expenditure connected with the internet, as well as the supply of internet products and services, and examined the economic impact of the internet on 13 countries, which together account for more than 70 per cent of global GDP. This included members of the G8, other developed economies as well as emerging markets.

Our findings were striking: not only does