In the G-20 nations, the Internet economy will grow more than 10 percent a year through 2016, according to a new report published by The Boston Consulting Group (BCG) as part of its Connected World series.

The report states that in the developed markets of the G-20, the Internet economy will grow approximately 8 percent annually; in the developing markets, it will grow more than twice as fast—at an average annual rate of 18 percent. Argentina and India will grow the fastest, at 24 percent and 23 percent a year, respectively. The leading developed markets—Italy and the U.K.—will grow about 12 percent and 11 percent a year, respectively.

BCG projects that the Internet economy will contribute a total of $4.2 trillion to the G-20’s total GDP in 2016. “If it were a national economy, it would rank in the world’s top five, behind only the U.S., China, India, and Japan, and ahead of Germany,” said David Dean, BCG senior partner and a coauthor of the report.