The latest report from the Organisation for Economic Co-operation and Development (OECD) shows that IT services rather than manufacturing are leading the way out of recession.
The ICT industry has fared better than most in the downturn, and IT services have led the way with compound annual growth of seven per cent compared to 4.8 per cent for manufacturing.
"IT services firms are weathering the crisis much better than manufacturing firms," said the OECD Information Technology Outlook 2010.
"This benefits firms like IBM and Fujitsu that were hardware producers a decade ago, but have today become largely services businesses."
However, growth within OECD countries has been slower than the global norm. Over 50 per cent of growth in ICT services has been in countries outside the OECD, most notably China.
The same is true with mergers and acquisitions, with nearly a quarter of all deals set up outside OECD countries.
US demand for semiconductors has remained steady, while Europe, Japan and Asia Pacific have seen a sharp uptake in sales. E-commerce has been a major growth driver as well.
"The world's 10 biggest internet firms' revenues increased by 10 per cent during the crisis year of 2009," the report said.
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