ICT as crucial component of socio-economic development

The aim of this paper is to present new ideas in evaluating socio-economic development of countries. Since Internet connectedness and IT literacy are very often introduced as indicators of socio-economic development, ICT infrastructure is of huge research interest. The World Bank's ICT at glance database published annually presents essential data about every country's ICT indicators. However, no composite indicator of ICT infrastructure is presented. Aim of our paper is to present a composite indicator which synthesizes a number of indicators into one value. With this approach, countries can be ranked according to their ICT development. Moreover, useful insights will be provided for the developing countries and a path for enhancing their ranking will be elaborated. .