Economy Benefit from Technology
An important aspect of having a successful economy is the ability for a country to trade its goods and service in an efficient way. The development of technology have greatly help to change the way countries trade their goods. Technology has currently reduce the time it takes to deliver the goods all over the world. From stem engines to diesel power engines and now with the aid of cargo ship we can reach the any place within few hours or minutes. For an example with aid of a cargo plane we can deliver food item to the other side of the globe within few hours and the freshness of the food is still preserve. Besides that, countries also has been using technology device such as Fax and the internet to converse with each other thus creating a more efficient and easy way for good to be traded. A recent data from the U.S. Census Bureau, exports brought nearly $ 165 billion for the U.S economy in February 2010 with the aid of modern technology. In summary technology has greatly influence the international trade and make it easier.
Since the start of the Industrial Revolution in 18th century by the Europeans, the introduction of advance technology has increase the efficiency, the level, amount and decrease the cost of the production. With the beginning of the printing press many scientist and inventors have created many ways to increase the productivity of a product. Scientist has created robots and machines to do jobs that are hard for human and also to reduce the time. For an instance, the machines that is being use in car factory to ensemble and paint the car. Besides that, new kind of technology can reduce the costs by using a lower price parts. Therefore as the manufactures are benefitting for the technology and by that it will boost the economy to go higher.
(James Manyika, Michael Chui, Jacques Bughin, Richard Dobbs, Peter Bisson ,Alex Marrs, 2013)
In many countries, more than 95% of business has online presence. The Internet provides them with new ways of reaching out to customers and competing for market share. Over the past few years, social media has established itself as a powerful marketing tool. ICT tools employed within companies help to streamline business processes and improve efficiency. The unprecedented explosion of connected devices throughout the world has created new ways for businesses to serve their customers, making the business become more and more easy. Besides that, financial firm and mass media needs ICT to increase their productivity thus the economy will escalate.
Findings from various countries also confirm the positive effect of ICT on growth. For example, a 10% increase in broadband penetration is associated with a 1.4% increase in GDP growth in emerging markets. In China, this number can reach 2.5%. The doubling of mobile data use caused by the increase in 3G connections boosts GDP per capita growth rate by 0.5% globally. The Internet accounts for 3.4% of overall GDP in some economies. Most of this effect is driven by e-commerce – people advertising and selling goods online.
Finally, technology sector such as Information Communication Technology is one of the largest employment sector. Based on a research it is said that in U.S alone, it sector is expected to grow by 22% and creating 758 000 new jobs by 2020. Beside that technology has created various field of job. It uneven that every high-tech jobs create an additional job. By the end of this year it is said that the global tech market will grow by 8%, creating new jobs, salaries and widening the range of the services and the product thus increasing the economy
As a conclusion, technology have become more advanced and sophisticated day by day. Even though a lot of people blame that technology is the cofactor that destroy our mother earth and causes pollution but we can’t deny that technology has greatly impacted for the better in our daily lives as...
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