‘Greatest economic boom’ to bolster IT for next 40 years

The days of IT cost-cutting may soon become a distant memory with a boom in spending set to far outshine any previous periods of prosperity.

A report by HSBC states that untapped markets in Asia, Latin America and the Middle East will fuel ‘the greatest global boom of all time’, with global economic output set to treble by 2050. Western economies will enjoy the knock-on effect of this expansion boom, and find that skills such as IT services become in great demand as these new markets attempt to reach maturity. Investment in IT systems, especially those which facilitate mobile working, efficiency and capturing and retaining customers, will become increasingly vital if businesses are to capitalise on the universal economic expansion.

The UK is set to vie with Germany to become the biggest economy in Europe, pulling far ahead of France and Italy in the process. China is predicted to outstrip the US to become the world’s biggest economy, but only narrowly as both markets enjoy continued expansion.