Technology and Economic Development

Technology has a vital role in the economic development. Internet technology, healthcare technology and energy technologies are assisting to drive the economic development and find new alternatives. More than thirty four percentage of world population are already using internet (Internetworldstats, 2013) and more than one billion people own smartphones and tablets (Manyika et al., 2013). Internet based economy will be highly influenced when two or three billion more people will have access to the internet by 2025 (Manyika et al., 2013).

Renewable energy is essential to replace finite sources of fossil fuels. Electric vehicles and solar and wind energy technologies are possible solutions to increasing energy demand. Solar and wind energy are expected to supply sixteen percentage to the global energy production by 2025 (Manyika et al., 2013). Sabbagh et al. (2013) accentuated social and environmental responsibility of technology driven economy. Development of low cost and green energy technologies is paving sustainable development pathways.

Digital technologies has been developed and used in educational and commercial sector. Sabbagh et al. (2013) estimated a value of one hundred and ninety three billion dollar contribution to the world economic output in 2011 by digital services and digitization. Manyika et al. (2013) studied twelve technological categories such as mobile internet, cloud technology, energy storage, genomics and renewable energy and estimated direct economic impact of fourteen trillion dollar to thirty-three trillion dollar in the year 2025.

Global competitiveness was redefined after invention and use of modern technologies which influence productivity and affects economic growth, supply chain and jobs. Commercial sector has been influenced with technological innovations. According to Bilbao-Osorio et al. (2013), higher benefit-to-cost ratios in all sector of production have been possible with information and communication technologies.

References
Manyika, J., Chui, M., Bughin, J., Dobbs, R., Bisson, P. and Marrs, A. (2013) Disruptive Technologies: Advances that will Transform Life, Business, and the Global Economy. Mckinsey Global Institute. [Online] Available at http://www.mckinsey.com [Accessed on 31 August 2013].

Sabbagh, K., Friedrich, R., El-Darwiche, B., Singh, M. and Koster, A. (2013) Digitization for Economic Growth and Job Creating: Regional and Industry Perspectives In: Bilbao-Osorio, B., Dutta, S. and Lanvin, B. (2013) The Global Information Technology Report 2013: Growth and Jobs in a Hyper Connected World. [Online] Available at http://www3.weforum.org [Accessed 31 August 2013].

Bilbao-Osorio, B., Dutta, S., Geiger, T., Lanvin, B. (2013) The Networked Readiness Index 2013: Benchmarking ICT Uptake and Support for Growth and Jobs in a Hyper connected World In: Bilbao-Osorio, B., Dutta, S. and Lanvin, B. (2013) The Global Information Technology Report 2013: Growth and Jobs in a Hyper Connected World. [Online] Available at http://www3.weforum.org [Accessed 31 August 2013].

Internetworldstats (2013) Internet World Stats. [Online] Available at http://www.internetworldstats.com/ [Accessed on 31 August 2013].

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