Stagnation resulting from progress without transformation keeps us constrained
In the dynamic world of global economics, the intersection of the public and private sectors is increasingly defined by the individual, who serves as both a provider of labor and an entrepreneur. This unique role is instrumental in fostering economic growth and development in developing countries.
However, challenges such as corruption and inequality can obscure the visibility of economic growth, making it appear elusive. Yet, the adoption of technology and increased productivity can serve as a powerful antidote, spurring significant economic growth and development.
Research indicates that technology adoption can raise GDP by over 40%, improve manufacturing efficiency, create jobs, and expand sectors like tourism and services [1]. This transformation is facilitated by digital technologies and innovations that enhance efficiency, enable capital accumulation, and create new economic activities. Moreover, advances in technology facilitate integration into global value chains, breaking down production into specialized tasks that can be geographically dispersed, thereby boosting trade, labor transfers, and overall productivity [4].
While technology adoption can lead to increased labor productivity, it may also result in job displacement in the short term. However, this effect is generally smaller and more persistent in developing economies than in advanced ones [2]. Thus, strategies that support workforce training and social adaptation are crucial.
As we look to the future, the importance of national policies that promote science, technology, and innovation (STI) tailored to the development context cannot be overstated. This includes emerging frontier technologies like artificial intelligence (AI). Developing countries need strategic plans to incorporate AI and digital solutions into their economies to avoid falling behind, focusing on infrastructure, data governance, workforce skills, and innovation ecosystems to sustain inclusive and sustainable growth [3].
Public-private partnerships and international cooperation, such as U.S.-India initiatives, also play a key role in facilitating technology diffusion, skill development, and infrastructure investment that underpin economic advancement [5].
Despite the low levels of income in many developing countries, visitors are often surprised by the level of happiness they encounter. This paradox underscores the complex nature of development, which has an emotional or philosophical component in addition to economic factors.
In conclusion, the adoption of technology and increased productivity act as critical drivers of economic growth and development in developing countries. However, it is essential to address supportive policies, local capacity building, and social considerations alongside technological change to ensure that these gains are inclusive and sustainable. The pursuit of economic development is a journey that requires constant learning, adaptation, and refinement, and the individual, you and me, plays a crucial role in this process.
The individual's role in fostering economic growth in developing countries can be further enhanced by engaging in online platforms that discuss politics and economics, such as epapers or digital news outlets. To ensure long-term economic development, one should invest in education-and-self-development opportunities, particularly those focusing on technology and innovation, like learning artificial intelligence (AI) or other digital solutions.
