What role does Social Media play in the global economy? We use Social Media in our everyday lives, it is so embedded in our routine that we often overlook the degree of dependance we have on it for most of our tasks. Social networks foster communication, global communication leads to dialogue, dialogue leads to opinions and opinions are what we, as consumers of the products of our local economies, base our decisions on. A consumer’s decision lays the foundation for any economy. It is the root from which, the most basic of transactions sprout to create a network of inter-related and inter-dependant markets that create our economy. We depend on social networks to look for jobs, to make our buying decisions, to advertise and to respond to advertisements, to market and to be marketed to, to review and to read reviews and to do so much more. Each minute more than 30 million IMs are exchanged on Facebook, 350,000 tweets are posted, 7610 LinkedIn profiles are searched and 2 million Youtube videos are viewed. Social media fosters collaboration and communication on an unfathomable level. From such instant collaboration rise interest groups. Interest group formation has been revolutionary for every industry. Be it people with similar health issues recommending courses of action to one another, or people with similar taste in food recommending restaurants. It has furthered the formation of a unified global village. A simple example of this could be the tourism industry. Various travel blogs, pages on Facebook or Instagram accounts have provided travel inspiration to thousands of travelers, boosting tourism of the respective countries. Would we have known to visit the rare collectibles shop in the corner of the street in Venice, had we not read about it on that blog? Or, would we have visited that quaint cafeteria for some delicious authentic Italian pasta had we not watched a video review on Youtube? Social media is also helping us become better citizens by providing an open platform to put forth our ideas, plans and initiatives in an easier way than ever before. Online platforms have strengthened our connections to the political leaders, who are no longer unreachable as one can simply tweet to their accounts and receive instant replies in most cases. Project Insight, likely to be launched by the Government of India in 2018, will use data analytics to match information from social media platforms to analyze discrepancies between spending pattern and income declaration. This move will help the Income Tax Department of India to monitor transactions and also curb black money while collecting detailed information for improving tax compliance. This shows an example of how Governments are integrating their policies with this shift towards the digital era, and are potentially reaping benefits from the same. Social media is changing the way we do business at a breakneck speed. It is no longer an area for only the PR team to be skilled in, every department from product creation to customer feedback has grown deeply intertwined with social networks. Not only is social media an inexpensive method of advertising, but also a means for businesses to offer transparent service to their customers. It has enabled twoway communication between the brands and the customers. If a consumer faces a problem, he or she has the power to instantly let the brand manager as well as other potential consumers know about the experience. Targeted and customised advertisements are another breakthrough made possible through the advent of social media. Marketers can tailor their adverts to their target audience and thereby achieve much higher response than is possible through any traditional means of advertising. Detailed customer analytics enable marketers to get information about their consumers they didn't have access to earlier. This has propelled E-commerce to an entirely new level today. A study conducted by Deloitte suggests that Facebook has created 4.5 million jobs around the world and added $227 billion to the global economy in 2014. These jobs are widespread, reaching countries such as India, Brazil, and Australia. One might dismiss such a study as debatable, considering the fact that it was sponsored by Facebook itself, however, Deloitte states that it has used robust methodology and an approach based on recognized economic methods. Undoubtedly, social media has been critical to job creation globally, not only by effectively linking job seekers to job givers, but also by enhancing several industries and developing the need for new positions and skills that weren't present before. Social media has spawned the “App Economy”, leading to the creation of thousands of jobs worldwide in Application creation, development, and marketing. Apart from apps, social media has invented jobs under search engine optimisation (SEO), web development, online customer relationship management, content creation and much more. There’s no denying that there can be many down-sides to Social Media. However, if used effectively and by employing reasonable practices, it can definitely prove to be a boon for the global economy in the years to come.