Almost a quarter, or 24%, of growth in the European economy between 2000 and 2004 could come from e-business - providing that the region immediately invests in broadband connections, according to a new report by the professional services company Andersen.

The report forecasts that between 2000 and 2004 annual European growth without the development of e-business will be 2.55% while with e-business development it could reach 3.36%. The technology industry is expected to be the number one contributing sector, with an estimated gain of 2.5% of growth.In addition the report predicts that Europe will see four fundamental changes when e-business becomes integrated into economic activities: growing customer bargaining power, pressure to focus on core business, the development of corporate collaboration and a trend towards the restructuring of traditional value chains.