UNCTAD study suggest information technology can boost regional economies

UNITED NATIONS, CMC – Caribbean countries have been told that purchasing goods and services in the information technology (IT) sector by government offices provides untapped potential for stimulating domestic economic progress. The new study by the United Nations notes that while local IT firms contribute to increased productivity, employment and innovation, these local businesses mainly in developing countries like the Caribbean, are often constricted by low domestic demand. The study, titled “Promoting Local IT Sector Development through Public Procurement” had been undertaken by the UN Conference on Trade and Development (UNCTAD) and the German Federal Ministry for Economic Cooperation and Development (BMZ).