Economic development has always been influenced by technology. Cars, electricity and the internet are just a few technologies contributing to economic growth.
Technological advancements continue to grow at an extraordinary speed making it hard for anyone to deny their impact on the world.
Technology has been disrupting various industries and creating new markets. Therefore, the technological revolution is crucial in promoting economic development, especially in developing countries.
It improves efficiency and productivity, promotes competition and innovation, and provides opportunities for employment generation to millions of people worldwide.
Below are some ways technology has assisted economic development and will continue to help economic growth.
The impact of technology on economic development is a critical component in understanding how technological change contributes to alleviating poverty and other social problems.
Although there is no one-to-one relationship between technological change and economic development, the association is essential.
Technology can affect growth by increasing productivity and expanding markets for goods and services. For example, improvements in agricultural technology have led to increased yields per acre and greater food security.
Reduction of poverty rates
Reducing poverty rates is a primary goal in developing countries, particularly those poor or emerging from conflict situations. New technologies have helped spread information about opportunities for jobs or education in other parts of the country or world. This helps people access the information they would not otherwise have had, increasing their chances of becoming part of the formal economy and helping them improve their lives.
Agriculture development is another area where technology can be beneficial because it allows farmers to grow more crops with fewer resources.
For example, satellite imagery can help farmers plan their activities more effectively to be more efficient with their available resources; this leads to higher yields per acre for a given amount of land.
One area where technological innovation can be particularly beneficial in agriculture.
This has led researchers to develop better fertilizers and pesticides that help crops grow faster and produce more food for consumers.
Technology is an essential factor affecting economic development in Africa, which is why we should be a part of this development.
We should stay up-to-date with information about technological advancement not to be left out of this remarkable growth.