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5G will bring a major boost to the global economy over the next decade

(Image credit: Supparsorn / Shutterstock)

A new report from Huawei and STL Partners estimates that 5G technology will create an extra $1.4tn in GDP for worldwide economies over the next decade.

Healthcare and manufacturing are the two industries which are set to benefit the most from new technologies which will also help protect the environment.

According to the report, 5G will help healthcare professionals treat over 850m extra outpatients a year by 2030  while also growing the manufacturing sector by four percent over the next decade. The next generation mobile network will also aid in reducing global emissions by half a billion tons.

Huawei's research challenges telecoms, government regulators and other suppliers to move forward with the rollout of 5G networks to help spur economic growth.

The manufacturing industry is set to benefit the most from 5G and the technology has the potential to help grow worldwide GDP for the sector to just under $740bn by 2030.

The retail sector will also see a great deal of innovation as a result of 5G with advancements made in tracking goods, automating warehouses and augmented reality which will provide shoppers with the opportunity to try on good at home before making a purchase.

Senior vice president at Huawei, Victor Zhang explained that the opportunities made possible by 5G could help turn the tide against the economic slowdown we're currently seeing, saying:

“In a world where we are seeing economic slowdown, 5G provides great opportunities to transform industries, creating brand new business models and potentially unleashing $1.4trillion in gross domestic product. But these opportunities will only be achieved if industry, government and regulators work together to seize this opportunity.”