18 Sep 2022


Technology in the Global Economy

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Academic level: University

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In the past few years, the globalization has escalated considerably due to technological advance and applications. Due to technology, the world has become a village. For instance, in the transport market, vehicles which are currently manufactured in different countries are cheaper and much easier to operate. One of the countries which have advanced technically is Australia. Technology has shaped this country’s economy as well as its role in the global market. Technology has shaped this economy in five distinctive ways; the first one is through job creation, the second factors are workforce transformation. Alternatively, there is GDP increment, construction and lastly, new innovative ways of carrying business (Kvochko, 2013). The country is expected to create more than twenty-five thousand jobs per year when it implements the running of the new super-fast National Broadband Network. 

Application of technology has a major economic boost to Australia and still has a potential to bail the countries in the coming years. Many debates concerning the future of the country has been aired out by many scholars with some pointing at its abundance minerals and agricultural production. However, the importance of technology in aiding all these economic activities to prosperity cannot be underestimated; the prosperity of this nation is not only dependent on the financial resources available, but also on the processing and application of technology in production. According to Stubbs and Peper (2015), technology has had a major significant impact in Australia, and much is still underway. Some statisticians suggest that the firms which have employed technology currently in Australia shall have created over eighty percent of jobs in this country by 2030. The continuity in job creation by technology in this country has allowed it to compete globally and has a potential of becoming the global threat in the economic development in future. In an art shell, the country’s development track record is attributed to the application of technology. For this reason, continuity should be enhanced by ensuring that the economic policies are related to technology application to enhance the relationship between the technology and humanity. Through this relationship, it will be easy to solve some small and potential economic threats facing the country. 

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Technology is very critical in the economic basket in many countries. However, overreliance on this magic may also have its negative takes to the country. For instance, the economy is one factor that increases the unemployment rate in many countries. The competition that exists between human labor and machinery labor cannot be ignored. Machinery has suffocated the need for human labor in many industries. For instance, both microchip and computer have eliminated the mental drudgery in the industrial environment. In Australia, The Committee for Economic Development of Australia (CEDA) states that technology dependency occupies almost forty percent of both skilled and non-skilled. The second danger is a dependency. This country risks depending on computer and technology for their existence in all fields of economy. In other words, it will reach a point in Australia that people will be stranded, and all necessary economic activities dented in case a machine such as computers crashes or break down. This is very dangerous since, in the country, the citizens should be self-reliant in a way that they can work with or without the technology to help bail their economy. Nevertheless, it is not only Australia in the world that is dependent on technology for their advancement, but others countries are also caught in this technical quagmire, and when there is a problem, almost all countries will be in trouble (Florance & Partland, 2015). 


Florance, L. and Partland, L. (2015). Almost 40pc of jobs could be replaced by technology by 2025: report . [online] ABC News. Available at: http://www.abc.net.au/news/2015-06-16/technology-could-make-almost-40pc-of-jobs-redundant-report/6548560 [Accessed 16 Mar. 2016]. 

Kvochko, E. (2013). Five ways technology can help the economy . [online] World Economic Forum. Available at: http://www.weforum.org/agenda/2013/04/five-ways-technology-can-help-the-economy/ [Accessed 16 Mar. 2016]. 

Stubbs, P., & Peper, S. (2015).    Technology and Australia's future: Industry and international competitiveness . Australian Industries Development Association. 

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