Vugar Bayramli about losses from failure of social networks

05.10.2021,12:15

October 5, Fineko/abc.az. Deputy economist Vugar Bayramli wrote about the damage caused to the world economy as a result of the failure of social networks.

ABC.AZ reports that this event has seriously affected the global economy: according to NetBlocks, every hour of inactivity of Facebook, Instagram, Twitter, WhatsApp caused losses for $215 million in the global economy.

The inactivity of these networks for three hours cost the world $645 million.

According to the company's calculations, based on data from the World Bank, ITU, Eurostat and US statistics, if the Internet is not active worldwide for 1 day, the global economy could be damaged in the amount of $51.423 bn.

"The failure of Facebook alone will cost the world $1.29 bn. The failure of social networks in one day can cost the world $5.165 bn," Bayramli believes.