Facebook Inc (NASDAQ:FB) commissioned consulting firm, Deloitte, to help it understand its economic impact in the world. The results of the study are staggering – the company drives a $227 billion economy worldwide. However, some economists have sought to differ with the Facebook-Deloitte numbers because they somehow present bad reasoning.
4.5 million Jobs in 2014
Facebook Inc (NASDAQ:FB) already believes that it is making a big economic impact in the world. However, it was in 2014 that the company decided to have a closer look at its impact on the global economy. According to Deloitte, which it commissioned to do the study, Facebook supported the creation of 4.5 million jobs and brought $227 billion to the world economy in 2014. Deloitte looked into several factors that were calculated to give the results.
Drives smartphone sales
One of the areas that Facebook is boosting the global economy is in the sale of smartphones. According to the company, some people around the world purchase smartphones just because they want to access Facebook. In fact, the company stated that some people confuse Facebook for the Internet as they would walk into stores as say they want Facebook.
The study found out that Facebook Inc (NASDAQ:FB) is supports 16% of smartphone sales. In Europe, for instance, 16% of those who participated in the survey said they could not imagine life without social media.
Corporate gathering and events
The other sector of the global economy, where Facebook is driving growth, is in event corporate gathering and parties. Event organizers are using Facebook to reach people, and that is helping the businesses. According to Facebook’s COO, Sheryl Sandberg, they take their corporate citizen responsibility seriously, which is why the study into their economic impact is important.
Overblown numbers
Although Facebook Inc (NASDAQ:FB) may be driving economic growth globally, some economists begged to differ with the results from the latest survey. Economists such as Tyler Cowen believe that $227 billion contribution to the economy and 4.5 million jobs in 2014 seem overblown.
However, with the study, Facebook hopes it can help change how the world views technology companies, to support favorable policies.
