How Technological Advancement Promotes Economic Growth

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How Technological Advancement Promotes Economic Growth
Technology is a significant tool in poverty eradication and economic growth. A country’s economy thrives in various methods and sectors, which include education, technology infrastructure, transportation, communication, political stability, and healthcare institutions. In that light, a proper application of technology enhances economic growth and increase the effectiveness and efficiency of performing various tasks. Japan is an example of a country that has been on the right path in growing its economy and eradicating poverty through the proper application of technology. However, the foundation of technological advancement in any country comes from the improvement of educational institutions. Young Japanese citizens are pushing the country in the right direction due to the application of knowledge and skills they learn at school in real life. Technology contributes to the economic growth of a country and makes individuals life easy and comfortable. For example, today, it has become easy for people and organizations to access new markets worldwide. Therefore, technological advancement is one of the most significant ways to foster economic growth and development.
Technology is the cornerstone of economic growth and development. In other words, it provides the primary solution to poverty. Many countries with a high rate of poverty do not have a good technological infrastructure. They lag behind when it comes to distributing the available resources and creating opportunities for their citizens. However, advanced technologically advanced countries open up their economies since individuals can communicate and do business with others from different parts of the world (Monyake et al. 2002). For instance, Japan, the United Kingdom (UK), China, and the United States of America (USA) are perfect examples of how technology can facilitate economic development. The majority of companies in these countries have implemented technology, which has enabled them to enter new territories and the global market. Sony Inc. and Apple Inc. are two of the corporations that have significantly benefited from technological advancement. Their products and services are available in other countries, and the companies keep in touch with their customers using technological devices, such as smartphones. That way, such companies are able to create numerous opportunities for their people as the demand for their products and services rises in the global market.
Technological advancement fosters effective communication and equal access to information for all people. Specifically, smartphones with high processing powers have become affordable to numerous individuals. For instance, in Japan, there were 95 million smartphone users in 2019, and the number was predicted to reach 114 million in 2025 (Statista.com). Furthermore, many people are buying electronic devices that can connect to the Internet, which promotes effective communication. There exist many mobile applications that are free to use when chatting or calling as long as one is connected to the web. On that note, people can communicate using different ways without time limitation, which ...