5G technology is set to contribute an additional £43 billion to UK GDP by 2030, according to analysis from consultancy firm PwC. 5G will boost efficiency in sectors such as healthcare, finance, manufacturing, utilities among others. According to the report published by PwC, the healthcare sector will gain the most by the application of the next-generation technology.
Rolf Meakin, TMT Partner at PwC told the media, “5G will have a profound effect on the UK economy in the second half of the decade and can play an important role in building back the economy after the coronavirus pandemic.”
“The technology has significant potential to improve productivity and create new customer and employee experiences in combination with other emerging technologies including AI, virtual and augmented reality and edge computing.”
The International Monetary Fund (IMF) downgraded forecasts for the UK’s recovery this year. The IMF said in its latest forecast that the UK’s national income, or GDP, would expand by 4.5 percent this year, down 1.4 percentage points from the 5.9 percent growth forecast made last October. This is mainly due to the severe impact of the coronavirus and also the new variant which has led to an increased number of cases in the country.
Private sector economists expect the UK GDP to expand by an average of 5.4 percent next year, according to forecasts compiled by the Treasury. The Bank of England, on the other hand, forecasts growth of around 7.25 percent in 2021.