The world market for IT and communications will fall 1% to $6.8 trillion

The OECD forecasts GDP growth at –4.2%in 2020, +4.2% in 2021and +3.7% and 2022. The ITC market in my forecasts most likely grew in 2020 by 0.4% and has proved vital in allowing individuals and companies keep in touch digitally at a time when social distancing was the norm. However the global pandemic is having a devastating effect on business sectors such as travel, hospitality and high street retailing… and most others that failed to transform themselves digitally before it started. The result in business failures and growing unemployment will reduce spending on ITC in 2021 by 0.8% to $6.80 trillion.
The New Year will have three phases:

• Initially a period of trying to reduce the infection rate, hospitalisation and death through lock-downs and social distancing, especially in the Northern hemisphere.
• An interim period when a significant proportion of the population have been inoculated, allowing the lucky ones to recommence wider social interaction and travel.
• Finally – a return to ‘near new normal’ life when the majority of the population have been inoculated.

The role of ITC will decline through the year, not least because many people will prefer to meet face-to-face when they can, scorning the tools they’ve been using for so long when they couldn’t.
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