For the development of the economy of any country, technology can be regarded as the primary source as the several kinds of technological changes contribute towards the development of underdeveloped countries significantly. The advancements in the technology and economic growth in any country are truly related as well as dependent on each other.
Through the engineering, we prepare and guide students to work for not only for the society but also in the interest of the country so that the economy of the country could progress. Any country can achieve the higher rate of growth through higher level of technology.
It has been observed that the only significant determinant of economic progress is innovation or technological progress. The quality and the level of the technology are the important factors of the economic growth.
Here are some common effects of technology on the economy:
Direct Job Opportunities: It has been expected that the sector of technology will remain one of the largest employers in the field of job creation. In many foreign countries, computer and information technology related jobs are expected to grow by 22% up to 2020 which will create 7,58,800 new jobs.
Naturally it will create the growth in different segments unevenly. In coming years, the global market will grow by 8% which will create jobs, salaries and a wide range of services and products.
Contribution to GDP Growth: By the findings and research from several countries, it has been confirmed that the effect of technology on growth of economy would be positive. For example: if there is a 10% increase in broadband penetration then there will be 1.4% increases in GDP Growth in emerging markets.
With the help of increase in the 3G connections, GDP per capital growth will be boosted by the doubling of mobile data use globally. Most of the effect in the economy will be driven by e-commerce on which people sell and advertise goods online.
Emergence of New Services and Industries: Through the economical growth, people will get opportunities to work in various new services as well as industries. Most of the public services have now become available online through mobile phones. This is the one of the key trends for modernization. With the economical growth, the government will be able to launch mobile and e-services for citizens and businessmen.
Opportunity to Transform Workforce: A new microwork platform has been developed by many companies which is helpful in dividing tasks into small components which can be outsourced to contract workers later as these are often based on emerging economies. The platform of microwork gives the opportunity to the entrepreneurs of cutting the cost significantly as well as getting access to qualified workers.