This paper analyzes the impact of investment in information technology (IT) on the recent resurgence of growth in Latin America and the world economy. We describe the growth of the world economy, seven regions, including Latin America, and fourteen major economies during the period 1989-2005. We allocate the growth of world output between input growth and productivity and find, surprisingly, that input growth greatly predominates! Moreover, differences in per capita output levels are explained by differences in per capita input, rather than variations in productivity. The contributions of IT investment have increased in all regions, but especially in industrialized economies and Developing Asia.