Inventions and innovations have been largely responsible for rapid economic growth in most developed countries.
Technology can be considered the prime source of economic development and the various technological changes that contribute significantly to the development of underdeveloped nations.
The adoption of new technologies and innovations is an essential constituent of rapid and sustained growth in developing countries, enabling them to catch up with the more advanced economies and national development at large.
The rate at which technology is adopted depends basically on a country's own efforts. Many developing nations have demonstrated they can catch up promptly, and yet the technology frontier continues to push outward and the gap between the developing and industrial countries remains significant, pointing to their still largely untapped potential.
Undoubtedly, technological advancement and economic growth are truly interrelated and the level of technology is an important determinant of economic growth.
The recent shift towards open innovation and new technologies has resulted in increased flows of knowledge and new forms of cooperation between education institutions, research institutions, industries and businesses.
The adoption of technology in most developing countries has had profound effects on their economies, such as reducing the national costs of production, establishing standards for quality, easing communication from a distance as well as enhancing digital money transfer.
The speedy spread of technology driven by the Internet has led to positive cultural changes in most countries. The public and private sectors should adopt the use of technology and current innovations in transforming all elements of the country's economy; from education to healthcare, agriculture to telecommunications will require innovative solutions and inclusive finance strategies for national development.
Notably, for a county to achieve its true potential, its citizens need to be empowered with essential digital competencies. Citizens need access to digital tools and technologies while operating within a regulatory environment that protects the safety and interests of all people.
However, for digital transformation and its sustainability, good policies and frameworks on technological adoption and innovation need to be put in place.
