There’s a range of studies that suggest that the potential prize from Open Data could be enormous - including an estimate of $3-5 trillion a year globally from McKinsey Global Institute and an estimate of $13 trillion cumulative over the next 5 years in the G20 countries. There are supporting studies of the value of Open Data to certain sectors in certain countries - for instance $20 billion a year to Agriculture in the US - and of the value of key datasets such as geospatial data. All these support the conclusion that the economic potential is at least significant - although with a range from “significant” to “extremely significant”!
Open Data could be a “Swiss Army Knife” for modern government - a multi-use tool that can be used to increase transparency and accountability, to improve public services, to enhance government efficiency and to stimulate economic growth, business innovation and job creation.
The economic growth opportunity has certainly caught imaginations around the world. The Economist recently likened Open Data’s commercial potential to ‘a new goldmine.’ The McKinsey Global Institute estimated potential economic benefits of at least $3 trillion a year globally, and a recent study for the Omidyar Network by Lateral Economics suggested that, for G20 economies, Open Data could help increase output by $13 trillion cumulatively over the next five years.
Other studies have suggested figures which are lower but still mouth-watering, especially for economies emerging from recession or facing anaemic growth. These are topics we will discuss at a World Bank-sponsored event on July 23, titled “Can Open Data Boost Economic Growth and Prosperity?”
Over the last decade, ICTs have contributed to globalization, shaped economies, transformed society and changed our history. Companies that didn’t exist in 2003 – including Facebook and Twitter – are now essential components of media strategies and contribute to job creation. Broadband drives economic development across the world, and there are more than seven billion mobile cellular subscriptions.
Despite this meteoric change, we’re not quite there yet. While billions of people are already connected to these systems and opportunities, we need much more collaboration to bring about an information society for everyone.
Open Government is increasingly perceived as a new paradigm for ICT-enabled government transformation offering a number of instruments for improved governance, transparency and innovation. Ulyanovsk Oblast of Russia has already made substantial progress in e-government, IT industry development and IT literacy, and has taken practical steps that have made it an early leader in Open Government initiatives in Russia, as recognized in a study published in May 2012 by the Russian Institute of the Information Society.
The Republic of Moldova is one of the first countries in the region and among the top 16 countries in the world to launch an open data platform. The initiatives of the Republic of Moldova to open its government and public data by capitalizing on Informational Technologies will lead to the improvement of public services, an increase in transparency and the promotion of innovation.
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This spring the World Bank will partner with the Government of Moldova and a range of stakeholders to organize a competitive Open Innovation Hackathon focused on the reuse of open data in Moldova. This is more than just another apps competition, which generate both enthusiasm and skepticism for their ability to promote innovative and sustainable reuse of open data.