Every business needs to 'go digital' to capitalise on the dramatic growth predicted in the internet economy, according to a report from The Boston Consulting Group (BCG).

The report, titled 'The Digital Manifesto: How Companies and Countries Can Win in the Digital Economy', is supported by Google, and claims that the G-20's internet economy is set to reach $4.2 trillion in 2016, almost double the $2.3 trillion seen in 2010.

The growth will be driven by a dramatic increase in the number of users around the globe, as well as a rise in emerging markets, mobile devices, and social media. According to David Dean, co-author of the report and a senior partner at BCG:

"No company or country can afford to ignore this development. Every business needs to go digital."

According to the report, companies that make extensive use of the internet - including social media - to sell, market and interact with their customers and suppliers, grow faster than those that do not.

In fact, in the UK, the data shows that those with a medium or high internet presence saw their business grow seven times faster than those called 'low-web' or 'no-web'.