Facebook enabled global economic impact of $227 bn, 4.5mn jobs

With over 1.3 billion users, world's largest social networking firm Facebook has enabled global economic impact of USD 227 billion and 4.5 million jobs around the world in 2014, according to a report by consultancy firm Deloitte.

New York: With over 1.3 billion users, world's largest social networking firm Facebook has enabled global economic impact of USD 227 billion and 4.5 million jobs around the world in 2014, according to a report by consultancy firm Deloitte.

The report titled Facebook's Global Economic Impact, analyses how Facebook's marketing, platform and connectivity effects have facilitated growth and jobs around the world.

Commissioned by Facebook, the study estimates that the company, with an approximately USD 8 billion cost base, enabled global economic impact of USD 227 billion and 4.5 million jobs around the world in 2014, the social networking giant said in a statement.

"Across the world there is a greater urgency about creating jobs. The good news is that the tech industry is powering the economy and creating jobs within and beyond its own campuses. Every day, businesses of all sizes, sectors, and skill sets are using the Facebook platform to grow and expand," Facebook Chief Operating Officer Sheryl Sandberg said.

The report also examined how Facebook stimulates economic impact by providing tools for marketers, a platform for app developers and demand for connectivity.

"Our study finds that Facebook enables significant global economic activity by helping to unlock new opportunities through connecting people and businesses, lowering barriers to marketing and stimulating innovation," Deloitte Global Managing Director (Technology, Media and Telecommunications) Jolyon Barker said.

India is the second largest market for Facebook with over 112 million users.

The company has aggressively been expanding its presence among small and medium enterprises (SMEs) to help them leverage the Internet to grow their business.

Facebook CEO Mark Zuckerberg, as well as Sandberg had visited India last year, to engage with the government and industry, indicating the increasing importance of India as a market for the US-based firm.

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