Improved utilization of data could achieve more than half of the G20’s 2 percent growth target, according to a new report.
The report, Open for Business, was released in Canberra June 19 by Nicholas Gruen, economist and chief executive office of Lateral Economics. The report was commissioned by the Omidyar Network and is also described in a blog post by Martin Tisné, Omidyar Network’s director, policy (UK).
The potential value of open data to the G20 might be almost USD 2.6 trillion per annum, the report concludes, building on previous studies.
Implementation of open data policies would thus boost cumulative G20 GDP by around 1.1 percentage points (almost 55%) of the G20’s 2% growth target over five years.
“Importantly, open data cuts across a number of this year’s G20 priorities: attracting private infrastructure investment, creating jobs and lifting participation, strengthening tax systems and fighting corruption,” according to the report.
It calls on G20 governments, the leaders of which will met later this year in Australia, to sign up to the Open Data Charter, endorsed in 203 by the G8 countries. (See previous Freedominfo.org article.)
The report says “there are major opportunities for cooperative and collective action by governments, citing:
- The harmonisation of national policies and regimes so as to foster global markets and developments based on open data;
- The standardisation of requirements and formats; and
- The identification of best practices around the world and leadership in the diffusion of such practices through international forums.
The report provides estimates on the benefits of more open date for the Australian economy.
The major gains would come from better management of the economic cycle, better design of infrastructure and better matching of people with jobs, according to the authors. Other gains would come from trade-related open data changes, less corruption and better energy investment and operations.
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