As the world keeps on changing, you will see the changing needs of the trends in the market, customers and technologies. Business owners will need to have a strategy and the right infrastructure to address the problems of the people. They need to be always flexible enough to satisfy the needs of the customers.
There is no doubt that quality of life will be improved with flexible workplace communities and arrangements. But with the outbreak of COVID-19, everyone is more focused on technologies rather than infrastructure. Offices, malls, schools, gyms are closed, and people are dependent on technologies more to continue working, studying, teaching or doing other things through online platforms. Nevertheless, we cannot ignore the fact that technology is helping us to face different types of COVID-9 challenges.
Even before the outbreak of the pandemic, we encountered huge changes among people like how they entertained themselves, doing financial dealings, shopping for favourite essentials, planning holidays and other things through their smartphones.
Let’s take a look at the importance of infrastructure and technology on the economic growth in the UK.
The Role of Infrastructure in economic Development
High performing and high quality infrastructure are necessary for improved quality of life and economic growth. It plays the role of the catalyst for economic and social inclusion, encouraging people in society from people of all walks of life. Continues investment in UK infrastructure during uncertain or volatile economic times will lead to improved productivity, clear government commitments, economic stability, facilitate inward investment and drive economic growth. In the World Economic Forum 2016 Global Competitiveness infrastructure rankings, UK is positioned at 24th place, behind economic competitors like Japan (6th, France (8th) and Germany (13th)
Infrastructure investment offers a strong economic stimulus that comes with a multiplier effect which can rebalance growth around the country. They even use a mix of public and private investment to pay for infrastructure projects and programmes. Alleviation of poverty would not be possible without proper infrastructure. The adequate infrastructure comes in the form of ports, road and railway transport systems, airports, power.
Here are some of the essential constituents of infrastructure:
- Road transport
- Power and the source of its production like oil and coal
- Agriculture and ports
- For irrigation and agriculture
Good quality infrastructure is essential not only for faster economic growth but also for improving inclusive growth. The inclusive growth will result in a reduction in income inequality, alleviation of poverty in the country. For example, expanding infrastructure facilities like rural electrification, irrigation, roads and road transport will promote the growth of agriculture and the setting up of agro-processing industries. The infrastructure will help farmers and owners of processing industries meet the needs of fertilisers, raw materials and other inputs at an affordable rate. This also helps them bring the products to the markets located in big cities and towns. This will ensure sustained growth of employment in small-scale rural industries and agriculture.
Inadequate infrastructure holds a lack of economic development and causes additional costs in terms of effort, time, and money to access essential social services like education and healthcare.
Here is some sector-specific infrastructure for the economic growth of a country:
1. Power or energy
Rapid economic growth can only be possible if only adequate power is available everywhere. It is crucial not just for the growth of agriculture, commercial business and industry, but also for household lighting. Moreover, a massive amount of primary sources like oil, gas and coal are needed for the rise in labour productivity.
As a means of transport, railways are an important infrastructure. It is vital for the rapid growth of the economy. However, from time to time, the reach and quality of services need to be improved.
Ports are another vital infrastructure used for international trade connectivity. Goods and raw materials are imported and exported to other countries through ports.
The demand for air travel is rapidly growing. Therefore, modernisation in airport infrastructure is needed to improve the quality of life and economic growth.
The Role of Technology in Economic Development
Technology progress is important for the economic growth and development.
Technology needs to be advanced to improve efficiency and improve the local and global economy quickly.
Technology is a storehouse of tools and knowledge that uses economic resources to produce services and goods innovatively and efficiently. Therefore, a high level of technology can help with achieving a rapid rate of growth.
The role of technology in economic development has been broken down for you:
The rate of work efficiency is improved with the help of technologies.
Especially during the crisis of COVID-19, the lives of people are dependent completely on technology. From teaching thousands of students or allowing employees to start working from home, technology is needed. In addition, the efficiency of the output rate of the business can be improved with technologies. This allows larger quantities of products to be moved or of services to be rendered.
2. Time saving
Another perk of technology is it can save your valuable time for producing a good r delivering services. Thus, it contributes to the overall profits of the business.
Technologies have brought opportunities in various fields and job sectors. However, it increases divisions of labour and specialisations of jobs within a business.
The research will lead you to further research into various sectors of business and science. This will help with further discovery, and businesses will be able to benefit from all sorts of technological advancements.
5. Industrial expansion
With the improving state of technology, there is an automatic increase in the efficiency of labour. As a result, it will increase the total output, which brings higher profits and greater economic development.
6. Natural resources
Technology can access natural resources so that it can be used in the most effective ways possible, which will benefit both the business and the economy.
7. The internet and international trade
Information technology is the essential element in the success and growth of international trade and job market growth. It allows businesses to conduct trades and share information in the least possible of time.
Since physical assets are getting stranded due to the prolonged lockdown and low usages. This brought a renewed interest in getting the right mix of social infrastructure and economic with better connectivity. Moreover, empty classrooms and offices will encourage people to invest in more resilient infrastructures like sanitation and roads.
A good investment in infrastructure and the advancement of technology is essential to improve the country’s economic condition.
Suhana is a passionate blogger and digital marketing enthusiast. Suhana Williams is one of the most talented assignment experts who also provide Java assignment help through Myassignmenthelp. She enjoys the ever-evolving world of digital marketing and loves to share her opinion on every possible update with her audience. When not creating magic with her words, you can find her sky-diving or trekking in the most bizarre locations.