Facebook’s efforts to connect more people to the Internet will help boost economic efficiency

Facebook has said its efforts to connect more people to the Internet will generate more than $200 billion in economic growth over the next five years for areas trying to access the Internet,media reported. The company recently commissioned three reports to look for the effectiveness of its investments in sub-Saharan Africa, the Association of Southeast Asian Nations (ASEAN) and Latin America.

Facebook's efforts to connect more people to the Internet will help boost economic efficiency

According to Analysys Mason, the ASEAN region will reap the most economic benefits over the next five years. The analysis says the region’s economic benefits will reach $70 billion. The analytics firm also studied the impact of Facebook on sub-Saharan Africa and found that the economic benefits would exceed $57 billion.

To see how effective it is in Latin America, Facebook turned to NERA, an economic consulting firm that says its investments in the continent will generate an average of $27 billion a year and create 178,000 new jobs in the region. In all regions, economic value is generated mainly through Facebook’s investments in undersea cables, edge networks and open transmission networks. These investments enable network operators to expand coverage, improve performance, and reduce costs.

As Facebook expands its reach, SpaceX launches Starlink, and the British government recently acquired OneWeb, we can see that a significant proportion of the 3.5 billion people who currently do not have access to the Internet can connect to the Internet. Once connected, these people will be able to use online resources to improve their education, find new types of online employment, become customers of online businesses, and so on.