Greece should look to Internet for recovery, says study

Page last updated at 07:14 GMT, Friday, March 30, 2012 - 12:14 EST

Reuters:

While many European countries make noticeable gains in their economic output as the Internet makes shopping cheaper and helps new businesses grow quickly, Greece's heavily indebted economy is far behind, research by Boston Consulting Group found.

South Korea is number one in the world for online retail, high Internet penetration and network coverage combined, an index compiled by the consultancy shows.

In 2010 Greece raised just 1.2 percent of gross domestic product (GDP) from the Internet, compared to 7.3 percent in South Korea.

Just under half of all households in Greece have fixed broadband access and 67 percent of Greeks use their mobiles to access the Internet. But only 12 percent of Greeks shop online, compared to a 40 percent European average, Boston Consulting said.

Read the whole story: Reuters