What do we mean by a knowledge economy built on ICT and why is it so important?

The generation and exploitation of knowledge to create wealth defines in the broadest sense the knowledge economy. ICT (Information Communication Technology) is the engine that drives the knowledge economy. It refers to fast evolving technologies used for the storage, manipulation and communication of digital information. Many of us know this as 'computing' and it will become increasingly pervasive.

The use of ICT is expanding exponentially in business, government, public services, education, within the home and whilst mobile. These applications have the power to transform our lives, our economy, our local government and health services, our education system, and our quality of life at home and on the move.