Technology And Economic Growth Close Relationship

<p>My insights highlight several key ways technology impacts economic development.</p><p>Firstly it creates new products and processes leading to innovation and market expansion .</p><p>Secondly technology increases efficiency and lowers costs across various sectors which can boost productivity and profitability . This is particularly evident with advanced manufacturing technologies that have altered traditional patterns of productivity and employment</p><p>. Thirdly technology helps economies evolve by enabling them to adapt to changing global demands and become more resilient . For instance improved air and sea transportation a direct result of technological advancement has significantly accelerated the global flow of people and goods fostering greater interdependence among firms and nations &nbsp;.</p>