IT innovation will fuel future economic growth, according to a report from the International Chamber of Commerce.
According to the International Chamber of Commerce's commission on E-Business, IT and Telecoms (EBITT), IT developments are more important "during times of economic stress and recovery."
EBITT looked at how businesses could use technology to spur economic recovery. It recommended ways that nations could facilitate increased use of IT. These included liberalising telecommunications policies, promoting incentives for entrepreneurs and avoiding protectionism.
EBITT said information and communication technologies in the European Union are responsible for more than 40% of the increased productivity over the last 10 years.
"The reality is that while the benefits of new technologies are often exaggerated at first, they often turn out to exceed initial expectations in the moderate to long term. This is exactly what has happened with the digital revolution," according to the Business and Industry Advisory Committee to the OECD.