New research by Belgium’s Vlerick Business School seems to suggest that the digital economy of Europe has the potential to generate another 1.5 million jobs in the EU.
The EU internet sector already employs a massive 3.4 million people but the study reveals that the full potential of the sector in terms of growth and job creation is not fully realised.
The internet was found to directly account for between 1.7% and 6.3% of GDP in the UK, Sweden, Germany, France and Italy but between another 400,000 and 1.5 million jobs could still be added to the European digital economy.
Sweden is currently the leading internet economy in the EU so the 1.5 million figure is based on all EU countries doing as well as they have, but even if they all just managed to catch up with the US average it would create 400,000 jobs.
A strong digital economy is a good sign for economic growth and often breeds further innovation – just look at Silicon Valley or the rapidly growing tech industry in East London right now.