The ICT revolution, world economic growth, and policy issues

• An overview of the ICT revolution.
• Estimates of the contribution of ICT investment to world economic growth.
• Projecting world economic growth.
• Policy approaches for embracing the ICT revolution to promote economic growth.

The ICT revolution fueled by the exponential progress of the semiconductor technology and the accelerated pace of globalization has become an important driver of economic growth across nations. In this rapidly changing landscape, the world economy is entering into a New Economic Order, in which developing Asia led by two fast-growing giant economies, China and India, will have much larger impacts on the world economy. This paper provides empirical evidence on these phenomena and highlights policy issues that deem important for a country to seize the ICT revolution for promoting economic growth.