Open Data could be a “Swiss Army Knife” for modern government – a multi-use tool that can be used to increase transparency and accountability, to improve public services, to enhance government efficiency and to stimulate economic growth, business innovation and job creation.

The economic growth opportunity has certainly caught imaginations around the world. The Economist recently likened Open Data’s commercial potential to ‘a new goldmine.’ The McKinsey Global Institute estimated potential economic benefits of at least $3 trillion a year globally, and a recent study for the Omidyar Network by Lateral Economics suggested that, for G20 economies, Open Data could help increase output by $13 trillion cumulatively over the next five years.

Other studies have suggested figures which are lower but still mouth-watering, especially for economies emerging from recession or facing anaemic growth. These are topics we will discuss at a World Bank-sponsored event on July 23, titled “Can Open Data Boost Economic Growth and Prosperity?”