5G Rollout to Boost Global Economic Growth
The China Academy of Information and Communications Technology forecasts Chinese 5G networks will drive US$930 billion in economic output by 2030, with 5G related sectors creating over 8 million new jobs. Indeed, the 5G rollout is expected to drive output not only in China, but is expected to boost economic growth globally. According to a 2016 World Bank report, a 10% increase in high speed Internet connections can stimulate economic growth by 1.3%, indicating the rollout of 5G services for 325 million people can potentially add US$1 trillion to the global Gross Domestic Product (GDP). Clearly, the implementation of 5G networks is expected to contribute significantly to global economic growth and development in what may be described as a transformational process; and the interaction of key stakeholders will be the prime enabler of this growth and the resulting benefits that follow.
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