BusinessCompany NewsUS fuels economic recovery

US fuels economic recovery

Fuelled by unexpected rapid economic recovery in the US technology sector, the second half of 2002 is about to turn around faster than predicted, according to a recent report.

Forrester Research said it had nearly doubled its projection for IT spending growth this year, from 2.2% to 3.9% in the second half of 2002. Driven by pent-up demand, corporate IT spending will help push the tech sector ahead by 10.4% this year, up from 9.7%.

And by the last half of 2003, new technologies like web services and internet-connected consumer devices will reinvigorate the entire sector – growth rate is expected to reach 12.5% in 2004, up from 11.8%.

New standards like XML and SOAP will lower the costs of system connectivity and ever-cheaper integrated circuits will drive internet connections into everyday devices by 2005.

The study also found consumers increased online purchases by 12% in 2001, while the average company bought 9.5% of materials on the web in the fourth quarter of 2001, up from 7.1% in the third quarter.

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