Technology’s role in economic growth

Author: Murtaza Talpur

We now live in the era of rapid globalisation and unprecedented advancement in technology. Technology has become a yardstick for a country’s socio-economic development.

Countries that have invested sufficiently in promoting emerging technologies over the past decade are the ones that have developed successfully. If we may look at the US, western countries, even in Asia like China, Malaysia, Japan and India are thriving in the technology industry.

In comparison, Pakistan is lagging behind in terms of technology. We have a polarised democracy and inefficient governance system which contribute to overall poor human development conditions and less educational opportunities, and the state does not prioritise to scale up new technologies.

Today, we live in a completely transformed and different world, which is overwhelmed with hordes of information, communication and technology. Overtime, it has changed everything — our values, ethics, education, businesses, trades, democratic processes, even our behaviours and the way we think.

Moreover, internet has connected the whole business communities throughout the world. The global human economy and financial system has been virtualised and digitalised for instance internet based virtual currencies such as bitcoin. The world’s stock exchanges are being merged and combined. After 4G, now 5G is going to be launched soon and it’s been considered that 5G would speed up global growth. The internet, computers, smart phones and such other technological tools have already revolutionised the global economy. We are moving toward the fourth industrial revolution (4IR) that is being entrenched in the societies and even in human body.

Advancement in technology has changed everything; our values, ethics, education, businesses, trades, democratic processes and even the way we think

If we don’t do anything to improve the sector of information technology, we certainly cannot keep up with the pace of the world. Therefore, we need to make all our systems, institutes ranging from government to social, economic, schools and universities integrated with digital learning. Moreover, we need to promote our youth and students who have a background in technical fields. We should establish high-tech labs where our IT experts should innovate and experiment.

Moreover, there should be an equitable and inclusive access to technology, so that the poor could not lose this opportunity out. There should be a well-designed programme that can expand the access, especially to poor people’s kids, to overcome poverty and use technology as a mean to promote their skills, entrepreneurships etc.

The writer is a development professional. E-mail: murtazatalpur@hotmail.com

Published in Daily Times, April 27th 2018.

Share
Leave a Comment

Recent Posts

  • Business

Bears drag index down by 1,331 points

The 100-Index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Monday, losing 1,331.86…

5 hours ago
  • Business

Finmin highlights challenges posed by population growth

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb here on Monday highlighted the significant…

5 hours ago
  • Business

Political stability, long-term economic policies, crucial for economic growth

Acting President of the Islamabad Chamber of Commerce and Industry (ICCI), Abdul Rehman Siddiqui on…

5 hours ago
  • Business

WAPDA chairman inspects work on key sites of Mohmand Dam

Chairman WAPDA Engr Lt Gen Sajjad Ghani (Retd) on Monday visited Mohmand Dam, a multipurpose…

5 hours ago
  • Business

Gold prices dip by Rs700 per tola

The price of 24 karat per tola gold decreased by Rs.700 and was sold at…

5 hours ago
  • Business

Rupee sheds 6 paisa against dollar

Pakistani rupee on Monday depreciated by 6 paisa against the US dollar in the interbank…

5 hours ago