The Impact of Technology on The Global Economy

Technological advances are inevitable in today’s life. Because it can provide comfort and as a new way of doing activities. In fact, every innovation created can certainly have a huge impact. So what is the impact of technology on the global economy?

It is undeniable that technology has had a lot of influence on various aspects of life. So, to find out what effects technology can have on the economy, the following is information.

The Impact of Technology on The Global Economy

It is well known that the world economy is undergoing very significant developments due to technology. In fact, technology is said to have contributed greatly to the economic record. If so, what are the positive effects of technology on the economy?

1. Simplify the trading system

One of the influences of technology in the economic field is to help facilitate the trading system. As it was not going to be, the current commerce system can be easily accessed through the internet, from online shopping to online-based transportation.

In fact, today technology has provided several e-commerce platforms. Where you can help people transact business using internet intermediary means. Of course, this can improve the economy both nationally and internationally.

2. Increase in industrial productivity

In addition to being able to facilitate the trading system, technology also has an impact on industrial productivity systems. This is because current technology has managed to create artificial intelligence that can process information quickly. Then the needs and demands of the market can be anticipated.

In fact, the entire manufacturing sector is encouraged to apply artificial intelligence to improve product quality and production operations. As it was not going to be, it is said that the system is capable of supporting the birth of a technology-based economy.

3. Economic growth is increasing

It is claimed that technology can improve the economy and help the well-being of people. This is because technology can create economic efficiency and increase competitiveness. By using lower input costs, the industry can produce products quickly and with better quality.

In addition, there are many marketplace platforms that the public can use easily and quickly. Therefore, most people use the platform to buy online compared to direct purchases in numbers.

4. You can reach a broader market

Technology has not only allowed large companies to scale their business. However, even small businesses can reach new market segments by using a website.

With a website, small businesses can sell their products in a variety of different economic markets. In this way, people can easily find a variety of products both from abroad and from within the country.

5. Spend less

Increasingly sophisticated technology certainly means that various activities do not have to be performed by human power. However, there are some activities that must be done with engine power. Therefore, most companies are currently not hiring many employees.

Of course, this can minimize expenses, because the company no longer spends much to pay employees. In addition, the technology can also help anticipate losses that can occur with artificial intelligence.

6. Cheaper prices for goods

As stated above, the current trading system is compatible with various e-commerce platforms. Where the platform has presented a variety of products sold at cheaper prices.

Of course, this is because the operating costs are cheaper, so the goods sold are also cheaper.

How to Deal With Economic Inequality in The Age of Globalization

Taking into account the multiple influences that derive from technology in people’s lives, especially in the economic field. So, to deal with economic inequality in the current era of globalization, we must develop various attitudes, such as:

1. Mutual respect for economic activities

Mutual respect for the work of others is a way of maintaining harmony in the social environment. Even though a person’s work is only dedicated to the small business sector, you still have to respect their work.

2. Fair competition between the actors of economic activities

Given the many commercial systems that are currently being created, economic actors must cultivate an attitude of healthy competition. Therefore, economic actors must improve the quality of their own products. So that customer satisfaction remains fulfilled.

That was a brief explanation related to the influence of technology in the globalization era on the economy. Although the application of technology in the economic sector does have many positive influences. However, technology can also cause various negative effects, such as rampant fraud. For this reason, people need to become wiser in the use of technology.

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