THE ROLE OF TECHNOLOGY IN ECONOMIC GROWTH
Keywords:
Economic growth, Technological innovation, Artificial intelligence, Digital economy, Biotechnology, ICT, Nanotechnology, Sustainable developmentAbstract
Technology covers a vast volume of knowledge and tools that optimize the use of economic resources, as a way to produce goods and services efficiently. Technological progress is essential to economic growth and development and the more advanced the technology available the more quickly the local and global economy can improve. Its role in economic development cannot be overestimated as it influences time management in the production of goods and services, thereby contributing to the overall profitability of a business. It is not news that the invasion of the COVID-19 pandemic has forced many people to utilize technology effectively as it impacts to every area and every sector of the economy. It has also promoted international trade, research, expansion, specialization, and efficiency of industries. In this article, I will provide a deep analysis of how technology can further drive economic development.
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